Small caps round-up: Individual Restaurant, Hawtin, Avon Rubber...

21st May 2009 08:34

Individual Restaurant Group, which operates the Piccolino and Bar & Grill chains, said recent trading has been in line with expectations amid continuing tough conditions.The firm said it was focused on cost cutting measures, with the economic condition looking challenging for the time being, but hinted at more openings once it sees signs of returning consumer confidence.Property developer Hawtin was "not at all pleased" with full year results that showed a reported loss of £17.8m in 2008.It blamed a steep increase in property market write-downs and value adjustments to its interest rate swaps for a rise in its annual deficit from £5.5m in 2007.Avon Rubber swung back into the black in the first half, posting a profit of £1m versus a loss of £1.6m a year ago as the strong dollar helped revenue double to £44.1m."Our order book is growing in all markets across the world and we have increasing confidence that our business will continue to grow," said chief executive Peter Slabbert.Half-year profit slumped to £139,000 at Leeds Group, which imports and sells fabric throughout Europe, down from £361,000 last time despite a 17% increase in revenue to £13.2m.The weak pound and business in China helped sales, but the impact of the recession on margins hurt profits.More of Hydro International's profits will fall in the second half this year than is usually the case as US customers seek retrospective stimulus funding.The water treatment group said this will hit first half revenue, but that the effect is expected to work through the system by the end of the financial year.Real-time data capture systems designer Belgravium Technologies said it made its traditional quiet start to the year but trading levels showed a noticeable improvement on the first quarter of 2008. Chairman John Kembery said: "The second quarter is showing some improvement and there are several interesting contracts in the course of negotiation."Oil and gas company Ascent Resources has farmed out half of its 80% participation in the Eastern Slovenian Exploration Project to a subsidiary of Denver based Aspect Holdings LLC.Ascent will pay the first €1m of exploration costs on the project, and a disproportionate payment mechanism will apply thereafter until a cumulative €3m has been spent, after which expenditure will be equally shared between Ascent and Aspect.Shares in Connemara jumped more than 50% after the AIM listed Irish zinc explorer said it has found zinc at its Castlemaine Licence block in County Kerry.