Small caps news round-up

After an eventful year, UK Mail Group said it would report lower revenues than expected but that profits would hit target. A trading statement for the year to 31 March revealed revenues are likely to be down 1% on the previous 12 months, short of house broker Investec's forecast of 3% growth.

The board of AIM-traded Botswana Diamonds confirmed on Wednesday that its 2016 drill programme had begun. It said the first large diameter reverse circulation hole on kimberlite AK21 on PL 260 in Orapa started on Tuesday, targeting a depth of 300 metres.

Specialist business information group Electric Word reported a 75% increase in earnings in the full year following the disposal of a number of divisions. The company, which specialises in the education and sports sectors, posted adjusted earnings before interest, tax and amortisation for continuing and discontinued operations of £937,000, compared to £536,000 the previous year.

Shares in Cyan Holdings surged on Wednesday after the smart metering company said it has received an order for around £10m from telecommunications contractor Micromodje in Iran. Cyan said the order, for a 360,000 unit smart electricity metering implementation, was larger than any purchase order it had received to date, “marking a step change in the company’s commercial progress”.