Small cap round-up
Cloud video platform owner Forbidden Technologies announced on Monday that it has agreed a deal with an “iconic sports, music and entertainment venue” in New York.
The AIM-traded firm said that, while on its own the deal is worth below 10% of annual revenue, it is part of a trend towards higher value annualised deals with long term growth potential.
Europa Oil & Gas announced the discovery of several gas leads spanning two of its licenses offshore Ireland.
Company boss Hugh Mackay highlighted the fact that the leads were in the vicinity of a gas field that had come into production just recently, with substantial gas infrastructure already in place.
RedstoneConnect, a provider of technology and services for smart buildings and commercial spaces, said its smart infrastructure business, Redstone, had been awarded a five-year managed services contract with an unnamed client valued at £12m.
The competitive tender for one of the "world's largest financial institutions "will see Redstone supporting critical data centre IT services infrastructure for nearly 20,000 UK based staff.
Nighthawk Energy, the US focused oil development and production company said it has entered into a new $3m second lien note financing with certain shareholders of the company.
It added that it had also executed amendments to two existing agreements and an existing loan note to defer the payment of cash interest and royalty payments as required by the fourth amendment to the facility agreement between the company and the Commonwealth Bank of Australia which was announced on 30 June 2016.
Life sciences company Avacta said on Monday that revenue for the year to the end of July grew by around 19% but losses nearly doubled due to a change in accounting policy.
In a pre-close trading update ahead of its preliminary results for the year to the end of July, Avacta said revenue rose to £2.15m from £1.81m, in line with market expectations.
Diversified food business Real Good Food swung to a full-year profit thanks to the sale of its sugar division Napier Brown, but revenue dropped sharply.
In the year to the end of March, the company generated a statutory pre-tax profit of £12.9m compared to a loss of £3.5m the year before. The disposal of Napier generated a profit of £9.1m and helped reduce net debt from £30.1m to £5.1m.
Commercial flooring maker and distributor James Halstead said the slump in the pound since the UK's vote to leave the European Union would help produce full year profits in line with expectations and “at the highest level in the company's history”.
“During the majority of the year sterling traded at a higher level than the prior year presenting challenges to our overseas turnover, which is in excess of 60% of total turnover,” the company said in a pre-close trading statement.