Thursday May 8, 01:09 PM
Weekly Small Caps Review
LONDON (ShareCast) - There have been more gains for TT electronics (LSE: TTG.L - news) as the sensor and electronic components firm bagged
a contract with the US armed forces worth $90m over the next five years. TT, which will supply interconnection systems for use with mobile radio communication equipment, already provides equipment to most of the NATO armed forces, including the MoD. The company is also supplying the interconnection systems for all the new rolling stock for the upgrade of the London Underground ahead of the 2012 Olympic Games. "We have been successful in growing our interconnection systems revenues in the past three years and have successfully targeted highly specialist applications where enhanced added value leads to better margins," said chief executive Neil Rodgers. "We are confident that we will be able to strengthen this position further with the recent acquisition of NCE (New Chapel Electronics) which extends our reach into specialist, high margin aerospace markets." Turbo Power Systems (TPS.TO - news) , a designer and manufacturer of power solutions, has appointed a former director from Ultra Electronics Group as its new chief executive officer. Paul Summers, formerly managing director of Ultra Electronics (LSE: ULE.L - news) ' Command & Control Systems unit, will assume the role of chief executive officer at the beginning of June, replacing Michael Hunt, who will step down from the board, though he will remain with the company as director of business development. Prior to joining Ultra, Summers held management positions at Easams in Munich and Easams UK. He is a qualified engineer with over 20 years experience in high-tech and electronic systems companies. "Paul has a proven track record in running high-tech manufacturing businesses with hands on experience of controlling design, manufacture, finance and sales," said chairman Graham Thornton. The company is still looking for a successor to its chief financial officer who left to take up a new role at solar company G24 Innovations. Richard Bayliss, who has served as Financial Controller at TPS since November (Frankfurt: A0S9N7 - news) 2005, was appointed as Finance Director last week. Shares in Financial Objects (LSE: FIO.L - news) plunged after the financial software solutions provider warned that its first half performance will be 'significantly' behind that recorded in the same period last year and said it is more cautious with regard to the full year. The group, which serves clients in banking, wealth management and risk management, said it has taken longer than anticipated to bring the sales force headcount up to planned levels during the first half of the year. "Whilst the pipeline of opportunities for the company is strong, the financial performance for the full year is dependent on closing one or two significant license deals to make up for the lower than expected performance in the first half of the financial year," said chairman Paul Fullagar. "As a result, the board is more cautious with regard to the full year performance," he added. A company developing non-stick chewing gum has successfully raised £10m to bring the product to market, with £800,000 coming from intellectual property firm IP Group (LSE: IPO.L - news) . Following completion of the financing round, IP Group has an 11.2% beneficial stake in Revolver, valued at £3m. Revolver, a spin-out company from the University of Bristol, has developed a polymer technology that has the potential to prevent gum from sticking to pavement and other surfaces, a problem which costs local government millions of pounds annually to clean-up. Top Technology venture, a subsidiary of IP Group, invested £800,000 in the financing with the remaining £9.2m raised from institutional and private investors. Shares in oil and gas explorer and producer Frontera Resources (LSE: FRR.L - news) jumped after positive results at its oil drilling operations in the Republic of Georgia. Early results showed that the Dino #2 development well at the Taribani Field Unit was flowing at sustainable rates with no associated flow of sediment, Frontera said, adding that it believed the well is capable of producing more than 200 barrels of oil a day. "The initial production results from the Dino #2 well are very significant and we believe they confirm our plans for the ongoing development of Zone 9 amidst an attractive commodity price environment," chairman and chief executive Steve Nicandros.
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