Small caps news round-up

Infrastructure product and galvanising services company Hill & Smith reported “encouraging” trading in the year to date at its annual general meeting on Tuesday. The company said trading to 30 April was ahead of the expectations set out at the time of its 2015 preliminary results in March.

Inspirit Energy has raised £750,000 in a discounted placing to finalise the accreditation process for its Inspirit Charger micro combined heat and power boiler, and begin field trials withEnertek International. Proceeds from the placing of 150m shares priced at 0.5p each would also go to working capital for Inspirit’s continuing development. Its shares were trading down almost 16% this afternoon. Every two placing shares would be accompanied by a valid-for-12-months warrant over ordinary shares that was excercisable at 0.5p.

Sirius Minerals has increased the probable ore reserve at its North Yorkshire polyhalite project to 280.2m tonnes at an average grade of 88.4%, from 250m tonnes at a grade of 87.8% previously. MD Chris Fraser said the improvement in ore reserves added further confirmation of the outstanding nature of this deposit.

Alecto Minerals's shares plunged almost 17% after raising £0.65m in a discounted placing as it moves to bring the 400,000 tonnes-a-year Matala Gold Project, Zambia, into low-cost production in the near- to mid-term. The placing of 831.25m shares priced at 0.08p each, which would account for about 18.64% of Alecto's enlarged share capital, was fully subscribed. Alecto's shares were up almost 17% this afternoon.

Internet media platform Blinkx swung to operating losses in the year to 31 March, it reported on Tuesday, having improved core revenues but slashing non-core turnover. The AIM-traded firm reported core programmatic revenue of $75.2m, up from $44.9m a year earlier, and core direct revenue of $40.9m, down from $58.5m, for total core operating revenue of $116.1m against $103.4m in 2015.

Haynes Publishing’s shares plunged more than 12% after it warned full-year pre-tax profits before exceptional costs will come in up to 30% below market views for £2.6m, and also outlined restructuring and job-cut plans. Haynes cited a weak Q4 in its US & Australian markets, noting a more positive position in UK & Europe, with the consumer and professional businesses performing in line or ahead of views. It expected a total of 41 job cuts across its US, Australian and European operations, about 17% of the workforce.

Shares in touch-sensor manufacturer Zytronicwere down almost 7% as the company's first-half revenue slipped lower, although its pre-tax profit and interim dividend for the period improved. Pre-tax profit was up 8% to £1.8m, from a profit of £1.6m, while interim dividend was hiked 10% to 3.45p a share, from 3.14p. Group revenue slipped to £9.9m from £10.0m.

Shares in Speedy Hire were up almost 5% this afternoon after it posted an impairment-dented set of full year results, but confirmed it was beginning to respond positively following a period of restructuring. The tools, equipment and plant rental company posted a full year pre-tax loss of £57.6m, from a year-ago profit of £2.1m. FY dividend was held at 0.7p a share, including a final payment of 0.4p.

Premier Food said it expects to deliver sales growth of 2-4% in the coming year and in the medium term, after full year results were boosted by improved sales momentum in the fourth quarter. After heel dragging that saw American suitor McCormick walk away despite making a premium bid, the branded food group looked to avert a shareholder revolt with a more upbeat target for the coming years.

Digital advertising platform creator Crossrider watched its shares nosedive on Tuesday, after the company issued a stark profit warning affecting its core products. The AIM-traded company said that since its last trading update on 15 March, structural changes in its markets have negatively impacted on the outlook for future trading.

Shares in television and multimedia producer Ten Alps, trading as Zinc Media, sank on Tuesday after the company issued a dire profit warning for the current financial year. The AIM-traded firm said that while it does not yet have “total visibility” on its full-year results, the directors believe it will fall materially behind market expectations for the year ending this June.