Small caps round-up: Geong, Orosur Mining, XG Technology...

2nd Dec 2010 10:29

Chinese software and internet solutions provider Geong reported a 28% slump in turnover for the six months ended 30 September to £4.7m, though profits rose 17% to £0.7m. Chief executive Wang Weidong called it a "satisfactory" set of interim results and said the company expects full-year numbers to be in line with market expectations. South America-focused gold miner Orosur Mining has achieved another set of positive results from follow up drilling at the Vaca Muerta project in Uruguay. The company will restart drilling in January to target a 43-101 compliant resource by mid-2011 which boss David Fowler says has significant potential to add to the San Gregorio mine plan. Florida-based wireless communications firm XG Technology has got a new CEO - chief operating officer John Coleman - who takes over from Rick Mooers who remains as chairman of the company. In a separate statement, MB Technology Holdings, which already owns almost 40% of the XG, is considering pumping an extra $10m into the company. It will pay $0.25 per share for the stake, or less than the latest closing mid-price of $0.16 if it is required to make a mandatory take-over offer.Property group Safeland posted a loss for the six months to September 30 and said there has been no sign of any improvement in market conditions. Pre-tax losses totalled £1.29m, up from £897,000 over the same period the previous year. Net asset value per share fell by 8p over the six month period to 48p. The company says it remains 'well positioned to take advantage of any opportunities as they arise.'Oil and gas firm Ascent Resources said drilling on its Pg-11 evaluation well in the Petisovci-Lovaszi project area in Slovenia is expected to start on or around 16 December 2010, subject to weather conditions.Baltic Oil Terminals has agreed to buy Petroval Bunker, a fuel oil storage business based in Rotterdam, the Netherlands, from Petroval for $10.8m (approximately £6.9m) in cash. The acquisition is to be funded through a placing of 16.77m shares at 25p per share. The shares have been conditionally placed to raise approximately £4.1m with the balance to come form Baltic including the proceeds of the sales of all of the 54m B shares of Shelton Petroleum.Engineer Dewhurst posted record profits of £4.8m (£4.4m) in the year to September on sales up to £37m from £35.8m. Lift Division sales were higher, but this was mainly due to currency strength in overseas markets. The Transport Division achieved meaningful growth but keypad sales fell on lower volumes and lower prices, though they did recover somewhat in the second half."We have seen the nervousness at UK local authorities about their future funding lead to a slowdown in orders in the UK in the second half. Overseas markets however remain more buoyant, particularly in Asia and Australia," Dewhurst added. The dividend for the year rises by 5% to 6.36p. Waste oil refiner HydroDec reports strong market demand, sales volumes improving and plants operating well, with feedstock suppliers in US almost doubled during the year and availability starting to improve. The group now also expects an operating cash surplus for the first half of 2011."Feedstock volumes, although increasing, are still the key operational focus area. Strong development of the business in Japan is the prime development target for 2011 and the recruitment of a managing director underpins our confidence that this will be achieved successfully," Neil Gaskell, chairman, commented.Packaging materials manufacturer API's ongoing revenues rose by 24% in the half year ended September from £37.9m to £47m. Pre-tax profit was £1.3m, compared with a loss of £1.8m. "All business units [were] ahead of last year with a particularly strong performance from Laminates," the group says. Drug inhaler firm Consort Medical's revenue from products and services was up 13% for the six months ended October, from £57.8m previously to £65.6m, "albeit in comparison to a weak period last year," the group says. Pre-tax profit increased 44% to £7.5m from £5.2m. "End markets remain challenging, particularly in the US. Nevertheless, we believe that results will be in line with expectations for the year." The interim dividend of 7p per share was maintained.EKF Diagnostics has acquired organ injury tests manufacturer Argutus Medical for about £2.2m in shares. EKF's CEO Julian Baines said "Argutus gives us the opportunity to detect kidney problems substantially earlier than currently marketed products, which fits well into our strategic goals in the Point of Care market." Straight, the environmental products and services group, has acquired the remaining 70% stake in water saving tap producer Tapmagic for £92,000 in cash. Straight previously had a 30% stake in the group, which it acquired in 2007 for £35,000.