Small caps round-up: Seeing Machines, ZOO Digital, Randall & Quilter...

22nd Mar 2010 13:48

Australia-based company Seeing Machines warned that full-year results are not expected to achieve current market forecasts due to delayed revenue growth and changes in accounting treatment to expense all development costs.Pre-tax losses came to A$403,000 in the six month ended 31 December compared with a profit of A$359,000 last time. "Although we reported a loss for the half year the recently announced DSS deals in the mining sector are an illustration of the increased traction our products are now generating in the market, and in-line with the board's strategy to significantly develop our DSS Mining business. We believe this new aspect of our business will generate increased shareholder value going forward," said chief executive Nick Cerneaz.Software firm ZOO Digital's products for automated creation of DVD titles have been licensed to CBS Home Entertainment. American TV giant CBS will use London-listed ZOO's workflow automation systems to take DVD production on selected titles in-house. Video titles can be created quickly and easily without requiring specialist knowledge.Non-life insurance investor Randall & Quilter expects results for 2009 to be "materially better" than previous guidance of a pre-tax loss of up to £5m.A more favourable claims experience than anticipated in its Insurance Company division should get the business close to break even.Fiji-focused gold miner VGM boosted mine net earnings at its Vatukoula gold mine to £4.6m in the second quarter, up from £1.3m during the previous three months. Gold recovery rose to 12,869 ounces in the quarter to 28 February, up from 12,227 ounces the quarter before, and sales increased 73% to 15,267 ounces."We continue to believe that our forecast production target of 60,000 ounces gold production for the financial year ending August 2010 remains on course," said boss David Paxton.Snack foods group Glisten said it expects consumers to be focused on value in the short term as it posted a rise in pre-tax profits.The company, which sells Dormen's nuts and Fruitus fruit snacks, posted a pre-tax profit of £2.2m for the six months to 31 December, compared with £2m the previous year, on revenues that climbed to £39m from £35.4m.Shares in LED supplier LED International lit up after it announced a £1.56m placing to augment its working capital position. Asset protection specialist Croma saw pre-tax profits soar from a low base in the second half of 2009. The company made £209,000 in pre-tax profit versus a profit of £17,000 the year before. Revenue edged up to £3.35m from £3.25m in the latter part of 2008.Oil explorer Dominion Petroleum has secured a rig to start drilling on its first exploration well in Uganda. The rig, which will be used on the Ngaji-1 well on exploration area block 4B, is expected to be mobilised in May of this year, with drilling starting in June.