Small Caps round-up: Gas Turbine Efficiency, Imagelinx, Max Peteroleum........

24th Mar 2010 15:13

Gas Turbine Efficiency says that trading is improving. GTE supplies equipment to clean aero engines and industrial gas turbines in order to make them more efficient. Revenues are expected to be between $9.5m and $10m in the first quarter of 2010, compared with $7.4m in the first quarter of 2009. Full year figures will be published on 23 April. Capital goods manufacturer Imagelinx showed a strong improvement in underlying profits in 2009. Revenues improved from £9.2m to £11.7m. If the 2008 pension gain of £4.6m is excluded, Imagelinx has gone from breakeven to a pre-tax profit of £1.2m. Revenue so far this year is 10% higher but management believes that 2010 could be a flat year in terms of spending by its customers. Kazakhstan-focused Max Petroleum has made a discovery at the Borkyldakty Field. The BOR-1 exploration well has produced at a stable commercial rate of 200 barrels of oil a day. The KZN-1 well on the North Kyzylzhar II East Block prospect indicated only residual oil. Nyota Minerals says that it is on track to supply a JORC compliant resource for the Tulu Kapi gold project during the second quarter of 2010. The Ethiopian project has an existing inferred resource of 690,000 ounces of gold. China Eastsea Business Software says shareholders with nearly one-third of its share capital accepted the company's tender offer. The 23.3m shares tendered were equivalent to 93.6% of the shares eligible for the tender offer of 10p a share. The software company's AIM quotation will be cancelled on 1 April. Trading in Chinese confectionery firm Sweet China has resumed on AIM after the company published its audited results and completed a restructuring.The company has agreed a debt for equity swap with its unsecured creditors and now plans to become an investment company, investing in natural resources, minerals, metals and oil and gas companies.