Small caps round-up: Angel Mining, GB Group, Finsbury Food…

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Small caps round-up: Angel Mining, GB Group, Finsbury Food…

Unexpected currency gains helped Angel Mining, which mines for gold, zinc and lead in Greenland, move into profit in the six months to 31 August.

Pre-tax profit for the period totalled £529,000 compared with a loss of £2.33m over the same period the previous year.

Angel hopes its Black Angel lead and zinc mine will produce its first concentrate in early 2011 and said it had made significant progress bringing its Nalunaq gold mine back into production.

GB Group is at its lowest in over seven months after the identity management specialist warned that full year earnings were forecast to be below expectations.

The firm, which said the rest of the year us likely to be difficult for the DataAuthentication business, reported a 7% drop in like-for-like revenue for the six months ended 30 September to £10.5m. Pre-tax profit fell to £341,000 from £521,000 in 2008.

Greece-focused mobile group Globo rallied Wednesday on news it has won €4.7m of new public and private sector contracts in recent months.

Most of the deals, for the group’s ‘mainstream’ IT and telecom products and services, should complete and the associated revenues be recognised during the course of 2009.

It’s been a bad day for bread and cake maker Finsbury Food, down sharply after it said revenue for the first 17 weeks of the financial year to 30 June 2010 was down 2% on a year ago.

Excluding the Goswell acquisition made at the end of the last financial year, like for like revenue was down 4% as the cake business saw sales drop 6%.

Insulation group Superglass has slashed the dividend by almost three quarters to 0.5p following a slump in full-year profit and warning that conditions are likely to remain “challenging” during 2010.

Profit before tax for the year ended 31 August 2009 tumbled to £633,000 from £2.95m in 2008, hit by financial expenses of £1.5m. Revenue dropped 7% to £38.1m.

Australia’s Cape Lambert Resources is taking control of Sierra Leone-focused miner African Minerals’ Marampa iron ore project.

The deal lets AIM-listed African Minerals focus on its flagship 5.1bn tonne JORC compliant resource at Tonkolili, although it will have a 19.9% stake in Cape.

Shares in Gem Biofuels moved higher after the supplier of feedstocks to the global biodiesel industry reported its first commercial production of crude jatropha oil from its operations in Madagascar.

Shares in Cash Converters moved higher after the Australia and UK-focused second hand retailer upgraded its net profit target for the full year to A$20.5m to A$21m from previous expectations of $18m to $18.5m.

Coal bed methane developer Island Gas Resources has announced a £13.75m placing to increase its assets and bring forward production plans.

Shares in Beowulf, which owns mineral exploration projects in Sweden, continued their upward ascent of recent days after saying it had been granted a licence to explore a molybdenum deposit.

South African coal miner Strategic Natural Resources said its 74%-owned subsidiary Elitheni Coal has more than doubled its coal prospecting rights area after being awarded additional exclusive rights in the Eastern Cape Coalfield.

Kalimantan Gold, which mines for gold, coal and copper in the Indonesian part of the island of Borneo, said it plans to raise up to £350000 through a placement to fund exploration programmes.

Source: Share Cast

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