Small cap round up
AIM-listed Russia-focused oil and gas exploration and production company Zoltav Resources said on Wednesday that it expects pre-tax profit for the year to the end of December 2016 to be materially ahead of market views. In an update ahead of its annual general meeting, the company attributed the upbeat outlook to management’s efforts to drive operational performance and an ongoing programme of cost optimisation at an operating and administrative level.
Digital audio content supplier Immedia’s shares soared on Monday morning, as it bought Aberdeen-based AVC Media for £200,000, to strengthen its multimedia content for clients in retail, sport and education.AIM-listed Immedia bought the company from AVC Media Enterprises and AVCME Holdings in cash, and renamed the company AVC Immedia.
Marlowe investors were gathering in London on Wednesday for the company’s annual general meeting, with interim chairman Derek O’Neill reassuring them over their recent acquisitions. “Trading in the current financial year has been in line with expectations and the integration of our recently-acquired businesses continues to proceed to plan,” O’Neill said.
Zegona Communications posted its interim report for the six months to 30 June on Wednesday, with revenue at its primary operation - the recent Telecable acquisition - up 4.4% to €69.2m, on total group revenue of €70.5m.It was the first full year of ownership of the northern Spain quad-play communications provider, supplying landline telephone, broadband, cable television and mobile phone services.
Weiss Korea Opportunity Fund posted its half-yearly financial report for the six months to 30 June on Wednesday, with total net assets growing to £141.38m, from £131.14m at the beginning of the period. The AIM-traded firm reported a net asset value per share of £1.4514, up from £1.3449, while basic and diluted earnings per share dropped 12.87p, compared with 15.61p six months prior.
First-half sales and profit margins at Starcom were down on the same period last year, with low cash levels likely to worry some investors, but the wireless tracking specialist cut operating losses and sounded optimistic notes about current and future trading.Revenues in the six months to 30 June of $2.5m were 5% short of the $2.6m last year, while margins were mainly hit by price erosion of its Helios real time vehicle tracking due to a competitive market and tracking system and associated services (SAS), falling to 38% from 44% last year.