Small caps round-up: ServicePower, Arc International, Puricore...

5th Aug 2009 12:36

Field engineer software specialist ServicePower said it recently received an expression of interest from a potential suitor, which was below the price it would recommend the offer. "The expression of interest was at a value deemed below that at which the Board would consider recommending to shareholders. The potential bidder is reconsidering its position,"Chip designer Arc International saw pre-tax losses widen to £5m in the six months to June 30 from £2.3m over the same period the previous year as revenue slipped 22% to £7.3m."Whilst we are mindful that conditions in our markets remain tough and are expected to remain so in the short to medium term, we continue to win orders," the firm said.Disinfectant system developer Puricore saw sales fall 2% to $19.1m in the six months to June 30 as a rise in sales of food safety products failed to offset lower revenues from endoscopy products.Cost-cutting measures helped telecoms equipment firm Telspec reduce losses before tax at the interim period to £227,000 from £556,000 over the same period the previous year.Residential property developer Northacre saw group fee income increase by 24% to £9m but higher cost of sales and admin expenses pushed the firm into losses of £50,000 against a profit of £82,000 before. StatPro Group, provider of portfolio analytics and data solutions, surged after it saw half-year profits surge to £4m from £1m last year on revenue that increased 19% to £15.5m.Property investment firm Wichford announced a fully underwritten 7 for 1 Rights Issue to raise proceeds of approximately £52.2m. The group will use the proceeds to resolve its upcoming debt maturities and allow it to make acquisitions. Max Property said it has exchanged contracts to acquire a portfolio of principally light industrial property from Ernst & Young acting as receivers for the Industrious Group for a consideration of £232.1m.Staffing firm Spring Group surged after it confirmed receiving a proposal regarding a potential cash offer. "There can be no certainty that any offer will ultimately be made for the Company or as to the terms of any such offer," it said. European Islamic Investment Bank (EIIB), the Sharia compliant investment bank that recently received bid approaches, said discussions have now been terminated and the company is no longer in an offer period.