Tuesday June 24, 02:51 PM
Small cap round-up: Innovation, Potential Finance, Supporta, Speymill Macau
LONDON (ShareCast) - Insurance software group Innovation has agreed a three year outsourcing contract with an unnamed specialist UK motor insurance company that provides a range of services including classic car and classic motorbike cover as
well as commercial and fleet insurance.Fleet hire group Potential Finance swung back into the black in the half-year to March and expects further progress over the rest of the year. Pre-tax profit came in at £127,000 compared with a £43,000 loss in 2007. "Although all finance-based companies are operating in a largely unpredictable market place, we believe that our ongoing strategy of constant review and development of the group's activities will help to maintain a steady improvement in our performance," it added. Bid target Supporta (LSE: SOR.L - news) cut losses sharply last year as its care division picked up a number of new contracts. Revenue in the year to March increased by 19% to £50.8m (2007: £42.7m) with operating profit up to £1.02m from a loss of £1.47m. Pre-tax losses fell to £0.37m from £2.53m. The care and professional services outsource group added orders are up by 33% to £108m (2007: £81m. Last week, 28.2% shareholder Romac indicated it is considering a bid. Property group Speymill Macau has confirmed it is responded to press reportsthat it may pay HK$1.3bn for the AIA Tower in Macau with a comment, "The Company is considering a number of investment opportunities and will inform the market if any material agreements are concluded which result in further investments by the company." The recent slide in the share price of applied proteomics firm Proteome Sciences (LSE: PRM.L - news) continued as it posted more heavy losses and upped its loan facility from chief executive Chris Pearce by £2m to £8m. Losses for the year to December totalled £5.25m, down from £5.64m. Proteome said it continues to view future prospects for TMT commercialisation with confidence, with related licence negotiations expected to be concluded in early 2008. Shares in Private & Commercial rallied after the finance house reported a 'substantial' increase in pre-tax profits to £934,197 in the year ended 31 March compared with £388,748 in the 15 months ended 31 March 2007. "We believe that the economic shake out currently underway will be for the long term benefit of cautious niche players, such as ourselves," said chairman Michael Cumming."Although we do not anticipate growing our portfolio at the same rate as in the past two years, we nonetheless expect to continue to grow with proportionately less requirement for additional capital and higher returns on the new business we are writing," he added. Craneware, which provides management software solutions for the US healthcare market, has signed a contract with Catholic Health East for the delivery of its Chargemaster Toolkit suite and the newly launched Pharmacy ChargeLink product. The group said the majority of revenues derived from these contracts will be recognised between 2009 and 2013 and not have a material impact on the current financial year's revenues. IT outsource specialist China Eastsea Business Software reported a rise in full-year pre-tax profits to £3.02m compared with £2.23m last time on revenue up 23% to £10.8m and said it looks forward to another successful year ahead. Bigger than expected 2007 losses at Vyke Communications (LSE: VYKE.L - news) had the internet telephony company's shares in retreat on Tuesday. Loss before taxation widened to £3.6m in 2007 from £3.1m in 2006. Analysts had been expecting a pre-tax loss of around £2.65m for 2007. Gross billing doubled to £26.8m from £13.4m At the end of 2007 the company's active paid customer base had more than quadrupled to 1.3m and by the end of the first quarter had grown further still to 1.74m.
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