Small caps news round-up
Water treatment and filter producer Amiad Water Systems’ half year profit more than halved due to a fall in sales as it was affected by the prolonged downturn in oil prices. Pre-tax profit plummeted 51.4% to $1.7m for the six months ended 30 June, compared to the same period last year, and operating profit also fell by 51.2% to £1.9m.
Hydrodec, a specialist re-refiner of industrial oils, has received approval from the American Carbon Registry (ACR) to receive carbon credits for its oil. Typically, carbon credits permits assigned to a firm allow it to produce a certain amount of emissions which can then be traded if the full allowance is not used.
Wealth management and employee benefit provider Mattioli Woods’ full year revenue rose due to several acquisitions, although it experienced a slowdown in investment activity since the Brexit vote. For the year ended 31 May, revenue was up 24.3% to £43m, compared to the same period last year, with recurring revenues representing 82.6%, due to growth in the wealth management business following the government's announcement of new pension freedoms.
Hummingbird Resources announced a three month extension of its $15m bridge facility with Taurus Mining Finance Fund LP, to 8 December 2016. The AIM-traded firm’s $10m bridge facility was originally announced on 11 August 2014.
National sales and lettings estate agency and franchise businesses Hunters Property announces its interim results for the six months to 30 June on Thursday, with network Income up 42% to £16.9m. The AIM-traded company’s revenue grew 26% to £6.6m , while adjusted operating profit increased by 107% to £0.92m.
Audio visual and documents solutions distributor Midwich announced the acquisition of UK-based Holdan for up to £7.9m and New Zealand’s Wired for an undisclosed sum. Based in Glossop, near Manchester, Holdan is a value-added distributor of technology solutions focused on the broadcast, professional video and traditional audio-visual markets. In the year ended 31 December 2015, it generated annual turnover of £20.6m and pre-tax profit of £1.1m.
Strat Aero, the drone aircraft services specialist, has won a £2.5m contract extension with the Environment Agency to aerially monitor the tidal flood defences of the Thames Estuary via its unmanned aerial vehicles. The contract, to provide both aerial inspection and level survey services for the EA's Thames Estuary Asset Management 2100 (TEAM2100) programme, is expected to deliver roughly £1m in revenue to Strat Aero over the next 18 months, depending on finer details.
Provider of online B2B platforms for the UK conveyancing and financial intermediary markets, ULS Technology, announces the launch of a new conveyancing service on Wednesday, developed exclusively for Lloyds Banking Group to launch with Legal & General Mortgage Club. The AIM-traded firm said the ‘Club’ is the UK's largest mortgage distributor to professional financial advisers.