Small caps round-up: Ocean Wilsons, Fortune Oil, Freshwater...

16th Nov 2009 11:54

PR and marketing group Freshwater's profits fell sharply last year, but the fourth quarter saw an improvement that has continued into the current year. Pre-tax profit fell to £0.24m from £1.17m, on sales of £9.1m down from £9.5m. "Profitability improved in the second half, and we have gone into the 2009-10 financial year trading in line with management expectations and well placed to resume growth," chief executive Steve Howell said. "The fourth quarter improvement in trading is continuing and this gives us cause to view the immediate and longer term future of the company with confidence," he added.Fortune Oil has acquired the 26.1% interest in Fortune Liulin Gas by Molopo Energy. On completion the acquisition will give Fortune Gas 100 % of the Foreign Contractor rights to the Liulin coal bed methane (CBM) block in Shanxi Province. The consideration for the acquisition is $6m (£3.6m), of which $4m is payable in cash and $2m in shares.Fortune added for the three months to July, the volume sales of as increased by 36 % compared the same period in 2008, although average sales margin is lower. Demand for oil products has increased, with a 25% increase in volume throughput for both Bluesky and West Zhuhai Products Terminal. Brazil-focused conglomerate Ocean Wilsons' revenue for the nine months to September was $348.6m down 8.5% on the comparative period in 2009 ($380.8m), blamed on weaker volumes and a decrease in the shipbuilding business. Revenue for the third quarter at $ 129.6m was only 2.1% lower than 2008 ($132.4m) due to an increase in port terminal volumes and towage special operations. The investment portfolio represents US$6.84 (£4.14) per Ocean Wilsons share.UBC Media rallied on news that the broadcast content provider swung to a half-year profit of £0.62m compared with a loss of £2.04m last year. Revenue was up 9% at £1.94m.Ameriur, the oil and gas producer and explorer, said strong manifestations of oil and gas were observed throughout its drilling of its Iguasa-1 well in the Fenix block in Colombia.The manifestations have largely been correlated with potential reservoir sands identified in the drilling logs. The company is now proceeding to run and cement a seven incher liner so that five horizons identified by the logs can be tested.Chinese solar wafer producer ReneSola said it expects substantial margin improvements and a return to profitability in the first quarter of 2010. Third quarter net revenues exceeded guidance, rising to $140.9m compared with $82.6m in the second quarter.