Small caps round-up: Nexus, Cyan, Flying Brands

21st Feb 2012 10:26

Information technology service provider Nexus Management said its US division produced a better than expected performance in 2011, while the group as a whole has got off to a reasonable start in the current financial year.Revenue in the year to September 30th edged up to £5.90m from £5.85m the year before, while the loss before tax narrowed to £0.11m from £0.69m. Cash and equivalents at the end of the financial year had risen to £0.41m from £0.38m a year earlier.Wireless metering company Cyan has entered into a strategic partnership agreement with Indian technology, engineering, construction and manufacturing company Larsen & Toubro to provide Indian utility customers with advanced metering solutions. Both parties have identified a number of projects in India where there is a need for 865 megahertz based interoperable wireless advanced metering infrastructure with a short term requirement for end-to-end communications enabling remote tamper detection and reporting. Struggling mail order gardening, gift and audio book retailer Flying Brands continues to sell off the family silver, and has announced the sale of its gifts division to the Interflora British Unit for £2.4m, before expenses, in cash. The disposed of division comprises the Flying Flowers and Flowers Direct businesses along with a small number of retail outlets trading under the Drake Algar brand.