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Small caps round-up: DM, China Goldmines, Management Consulting
Thu, 09 Feb, 2012
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Small caps round-up: DM, China Goldmines, Management Consulting
Mon, 8 Mar 2010, 13:58:00
Scratch card and direct marketing firm
DM
posted record turnover and higher profits in the year to December 31 as it integrated two acquisitions. Turnover climbed by 40% from the previous year to £25.59m, while profit after tax 11% to £3.48m. 'Our strategy of making acquisitions, on favourable terms, of complementary businesses in our sector has once again proved successful,' said chairman Adrian Williams. ' I am pleased with these robust results in a challenging marketplace.' After a strategic review,
China Goldmines
has decided to look for new projects to acquire utilising current funds of approximately $23m.
City of London Investment Group's
total funds under management slipped slightly to $4.5bn in the three months to February. Funds under management were $4.7bn at November.
Management Consulting's
underlying operating profit in 2009 was down £6.7m or 19.3% to £28m (2008: £34.7m). Total revenue for the year ended 31 December 2009 was down 19.4% to £276.5m (2008: £343.1m) reflecting the weakness in trading conditions during 2009 and the strong comparative period in 2008. Around 95% of the revenue reported by MCG comes from outside the UK. Insurer
Chaucer
moved back into the black in 2009, posting a profit before tax and foreign exchange on non-monetary items of £75.3m versus a loss of £59.5m in 2008. "The outlook for the business remains encouraging despite the softening of rates across some classes of business," said boss Bob Stuchbery. Profit before tax of £42m compared with a £26.2m deficit a year earlier and gross written premiums increased 15%, or 5.45 at constant currency, to £795.6m. A final dividend of 2.7p makes a total of 4p for the year, down from 5.5p in 2008.
Fidelity European Values'
cautious approach led to a year of relative underperformance, but the investment trust believes it will contribute to "outstanding" longer term gains. Net asset value per share rose 11.3% on a total return basis, less than its benchmark, the FTSE World Europe (ex UK) Index, which improved 19.1%. "The major factor behind this weak relative performance was the portfolio's commitment to stocks with strong balance sheets and resilient profits," said chairman Robert Walther who hands over to Humphrey van der Klugt today. "The best performing stocks were, however, more volatile companies with rather weaker fundamentals." The share price rose by 21.3% on a total return basis in 2009 resulting in a narrowing of the discount.
Advanced Power Components
expects revenue of about £6.5m for the six months to 28 February with a net profit before tax of £40,000, versus £6.8m turnover and a loss of £281,000 the year before. The electronic components group also said it had appointed Rob Smith as finance chief. He's had the same job at Densitron Technologies, Curidium Medica and Eco City Vehicles.
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