Small caps round-up: Forum Energy, Ithaca Energy, Group NBT..

22nd Jul 2009 09:37

A reduction in admin costs helped Philippines-focused oil and gas group Forum Energy post a smaller pre-tax loss in the six months to June 30, despite falling revenues.Pre-tax losses totalled $1.2m, compared with $1.7bn over the same period the previous year, as revenues slipped to £203,000 from £389,000.Shares in Ithaca Energy advanced after the oil and gas group's subsidiary Ithaca Energy UK, which operates in the North Sea, said production from the Jacky field is now flowing at rates in excess of 11,000 barrels of oil per day.Internet domain name management firm Group NBT said it expects results for the year to 30 June 2009 to be slightly ahead of market expectations. The company said it has seen good performance in its domain name management and reseller divisions.Shares in oil and gas exploration and production company Oilex shot up after a second quarter operations update in which it said its Indian operations are currently cash flow positive. The company said it had A$10.5m in cash at the end of the second quarter and no debt. Oilex is continuing to take all possible measures to resolve the Joint Venture issues in the West Kampar PSC, where the Pendalian Field development and exploration program have been temporarily suspended, the company added.DouglasBay Capital, the holding company for investments in small to medium sized businesses, has provided an update on its first major investment, TDG.TDG has traded in line with management expectations in the first half of the year despite the weak economy, with the freight forwarding and contracts logistics businesses faring better than the chemicals division, which has seen reduced volumes.DoulgasBay is reviewing and seeking new investment opportunities not only to add to TDG's business, but also outside the logistics sector. Catalyst technology development firm Acta said it noted the recent rise in its share price but was not aware of any reason behind the move.The group re-iterated what it said in its last trading statement, that it continues to make progress with its various commercial partners despite a difficult economic background. Ebiquity, formerly Thomson Intermedia, swung into profits of £1.17m for the year against the losses of £1.3m last year. Group revenues increased 7% to £18.4m.The group said it has been a strong year with its Analytics division growing 13%, benefitting from increased international reach.Communisis said it expects to report full year operating profit below its previous expectations and expects the poor trading conditions to remain a feature in the second half of the year. The group said the challenging market conditions had continued as the year has gone on. Recently it said it noted a trend amongst its larger customers to delay decisions on buying some of the higher margin services, which has led to deterioration in its margins.