Small caps round-up: Turbo Power, Cryptologic, Greystar...

13th Nov 2009 08:20

Turbo Power Systems narrowed its net loss for the third quarter to £0.34m from £1.85m in 2008 and posted an EBITDA profit of £0.11m versus a loss of £152m a year ago.The designer and manufacturer of power solutions said production and development income for the quarter rose to £2.1m from £1.8m."Production activity is now increasing in both the rail and industrial sectors, and with a continuing emphasis on cost control, this should provide further improvement in profit and cash flow in the fourth quarter," said chief executive Paul Summers.Online betting games and Internet casino software developer Cryptologic says "sluggish" wagering activity and a slower-than-expected rollout of games by new licensees adversely affected third quarter results.Revenue fell to $9.6m in the three months ended 30 September from $10.1m the previous quarter, although branded game revenue rose 46% to $0.78m. The quarterly dividend falls to 1 cent from 3 cents in Q2."Despite a disappointing third quarter, CryptoLogic's business strategy is delivering tangible progress, albeit at a slower pace than anticipated," said boss Brian Hadfield. "We remain focused on executing our plan - and returning to profitability and long term growth."Greystar Resources, which owns the Angostura gold-silver deposit in northeastern Colombia, is lower after reporting a drop in third quarter revenue to $7.83m from $5.78m a year ago. Exploration expenditure rose over $800,000 to $6.35m.Firestone Diamonds posted a rise in revenues in the year to June 30, but saw losses soar as it ramped up development activities. Revenue climbed to £4m from £3.3m, but pre-tax losses ballooned to £10.76m from £296m.At the BK11 project in Botswana, Firestone predicts that high grade areas identified could produce annual revenues of more than $20m a year.IT services group Parity said trading has been in line with expectations between July 1 and November 12, with the resources division performing well in a very depressed IT market and the solutions business seeing sales improve despite continued pressure on clients' discretionary IT spending.The firm added that it is hiring selectively to increase the size of its delivery team.