Small caps round-up: Shed Media, Sutton Harbour, Intelek........

7th Apr 2010 16:16

TV programme producer Shed Media reported flat underlying profits of £12m in 2009. This does not include £409,000 of restructuring costs related to board changes and a failed management buyout. This cost figure also includes launch costs for Shed Media US. Selling formats and the back catalogue still yields the majority of profit. Revenues were 13% ahead at £92.6m in 2009. There was a sharp increase in US revenues and a dip in UK income. Management says that 64% of targeted production revenue for 2010 has already been secured. Bid discussions with funds managed and advised by Bowmark Capital LLP and Darwin Private Equity LLP continue. AIM-quoted Crystal Amber Fund has increased its stake in Sutton Harbour Holdings to 9.12%. This follows last week's trading statement from the AIM-quoted marina operator and property developer which said that its full year profits are in line with expectations. This is despite tough trading for airline Air Southwest. Strong government and defence business means that Intelek will report underlying annual profits "slightly ahead of expectations". Satellite communications equipment supplier Paradise Datacom benefited from a large government contract. There was also a $1.2m telecoms contract at the end of the period. Sales were flat in dollar terms but the exchange rate movements boosted the sterling equivalent. Microwave components business Labtech has performed in line with the previous year because delays in product development deferred sales into 2010-11. The aerostructures business did better than expected but revenues still fell by one-quarter. The business remained profitable even though corporate jet business was weak.The results will be published on 8 June. AIM-quoted Allied Healthcare Inc has secured another healthcare staffing contract in Scotland. The three-year contract is with the Moray Council and is for up to 1,171 hours of care each week. Allied, which is also listed on Nasdaq, has opened a new branch in the area. Property fund manager First Property Group has performed well thanks to its exposure to Poland. First Property says its profit for the year to March 2010 will be in line with expectations when its figures are published in June. Poland is the only EU country not to go into recession and 90% of the company's assets under management. First Property believes that Polish property values will recover during the coming year. The business is spreading its exposure and in February won a mandate to invest £106m in UK property.