Small caps news round-up

Satellite technology firm Global Invacom issued an update to its investors on Tuesday, over the potential ramifications of the UK leaving the EU. The AIM-traded firm said the UK’s impending departure from the EU, with negotiations expected to commence in the fourth quarter of the calendar year, has resulted in economic uncertainty.

Staffline, which provides staffing services, said it has made excellent progress in the first half of this year even in the face of the UK’s recent vote to leave the European Union. The company supplies up to 45,000 workers every day to more than 1,300 clients. Despite the economic shock of Brexit, staffline have reported no change in the demand and supply of workers across a variety of industries in the UK.

Mineral exploration and mining company China Nonferrous Gold announced on Monday that executive director Wang Yubin has resigned from the board. In a very short statement, the AIM-traded firm said the resignation was “for personal reasons”.

DX Group found itself on the receiving end of an order from the Competition and Markets Authority order on Tuesday, as the authority said it has reason to believe its acquisition of Legal Post andFirst Post in May could be hindering competition. The AIM-traded DX Group acquired Legal Post and First Post for a total consideration of £3.25m cash at the end of May.

International specialist staffing group Empresaria has acquired an 82.6% interest in New Zealand's Rishworth Aviation and its sister companies for US$10.0m cash.

Producer of manufactured masonry products Forterra said profit was in line with expectations but is considering mothballing two plants due to current economic uncertainty. The company reported in a six month trading update for the period ending 30 June, that profit was as expected at the time of the Forterra’s initial public offering in April and brick sale volumes were weighted towards house builders as it anticipated.

Shares in Tavistock Investments are up almost 13% after it posted a wider full-year pre-tax loss of £2.8m, from a year-earlier loss of £0.98m, accompanied with an encouraging outlook. "As approximately 75% of the Group's net revenues are represented by recurring income, future performance has become significantly more predictable," said Tavistock in a statement.

Advanced Medical Solutions (AMS), a surgical and wound care product manufacturer, said on Tuesday trading is in line with expectations as it could benefit from a weak sterling due to Brexit. In a six month trading update for the period ending 30 June, the company said based on the exchange rates on 23 June it expects revenues to be ahead and profitability to be in line with market expectations.

Shares in Tlou Energy bounded ahead nearly a quarter on news it has been selected to develop a coal-bed methane (CBM) power plant at its 100%-owned Lesedi CBM Project in Botswana. It won the approval from Botswana's Public Procurement and Asset Disposal Board.

Shares in MJ Gleeson are up almost 6% after it expressed confidence that its full year results will meet the top end of market views. "Our business plans have not changed; for us it's business as usual," said chief executive Jolyon Harrison in a trading update.

British onshore hydrocarbon producer Igas was embroiled in a secretive exchange of issued bonds this week, but the company did little to explain the situation in an update to the market on Tuesday. On Monday, Pareto Securities announced on behalf of an unnamed client that the offer to holders of Igas’s $165m senior secured callable bonds had been accepted by the client.