Small caps round-up: Mattioli Woods, Avon Rubber, Castings...

26th Nov 2009 12:03

Pensions consultancy Mattioli Woods says clients have an appetite to move away from a defensive position, but caution about the economy is impacting the timing of investment decisions.Despite this, the company thinks results for the six months ending 30 November, due on 26 January, will be in line with expectations.Polymer engineering company Avon Rubber has returned to profitability, making £3.5m before exceptional costs in the year ended 30 September versus a £3.9m loss in 2008.The firm pointed to "substantial" growth from its core long term protection contracts and "encouraging" revival in milk prices which should boost demand for dairy products in 2010. "Our strong order book, dominant market positions in defence respiratory protection and dairy liners, supported by technologically superior products, growing brand strength and high competitive entry barriers, should enable us to continue to improve profit margins," said boss Peter Slabbert. Iron castings producer Castings says profit before tax after exceptional items for the six months ended 30 September 2009 was £1.89m on sales down 50% to £26m.The business has been hit by a slump in the commercial vehicle industry in Europe, but sales improved to about 60% of last year's values between July and September."We hope the improved sales will continue into 2010, but we do not expect to return to our previous high levels for some time," said the company which will pay an interim dividend of 2.71p a share.Profits surged by 66% at Mountview Estates during the six months ended 30 September, enabling the property company to keep the dividend at 50p a share.Revenue fell by 12% to £25.3m, but cost of sales dropped by over 40% giving a rise in gross profit of 25%. Admin only rose a touch, while net finance costs fell 55%.Lithic Metals and Energy has returned from suspension after the African nickel and uranium explorer reported interim results and published a document detailing its proposed acquisition of Amber Petroleum.The company, which will change its name to AfNat Resources once the deal, classed as a reverse takeover under AIM rules, goes through, reported a deficit before income tax of £586,073 for the six months ended 30 September.Engineering firm MS International saw pre-tax profits in the half year to 31 October fall to £1.23m from £2.45m on revenues that dropped to £18.1m from £27.2m amid a weak performance from its industrial engineering division.