Hybridan Small Cap Wrap - Good facts from IPSO, Stellar update for STEL and food for thought from BrainJuicer

A reasonably positive week was had in the financial markets, with the FTSE closing some 100 points higher at 5,730 and the AIM All Share some 20 points higher at 755 points. An increase in UK unemployment to 8.4 per cent and worry around UK GDP did not explain this positive week, though retail sales in December were announced to have risen (2.6 per cent higher than in December 2010) as shops pushed through with heavy price cutting. UK debt surpassed £1 trillion for the first time this week and talks concerning Greece’s debt continue to face difficulties with Eurozone banks pushing for a lower interest burden. The week ahead sees an EU finance ministers meeting, IMF updated forecasts, Q4 GDP estimates, and the World Economic Forum in Davos taking place.

Accumuli (LON:ACM 12.12p/£17.13m)

Accumuli the provider of advanced IT security services; this week announced that it had won contracts with two separate, major service providers worth over £1m in revenues. The first is to provide DDI equipment for use in the public sector for an initial period of two years, highlighting the importance of security of the network when dealing with the public sector, and the second contract is with an existing customer to provide content catching and acceleration in North Africa. 

Angle (LON:AGL 83p/£29.97m)

Angle yesterday announced that Parsortix Inc, its 90 per cent owned Portfolio Company which specialises in medical diagnostics, has achieved a major milestone by using its cell separation device to successfully capture circulating tumour cells (CTCs) in cancer patient blood. Angle has previously established that its Parsortix separation technology can capture cultured breast cancer cells, prostate cancer cells and lung cancer cells added to blood (spiked blood). However until now, the Parsortix separation technology had not been proven to capture CTCs in actual cancer patient blood. This is significant as actual cancer patient blood would be expected to contain only a very small number of CTCs in the sample (if any), as well as potential issues due to patient disease factors adversely affecting the performance of the separation technology. The experimental findings to date are encouraging and support the potential to develop a successful research and clinical cancer diagnostic product.

Biome Technologies (LON:BIOM 0.14p/£8.53m)

Biome Technologies, the bioplastics and RF technology business, was pleased to report that it expects the financial performance of Biome for the full year period to be in line with its expectations. Group revenue for the full year exceeded that in 2010 by more than 40 per cent and, as a consequence, a significant reduction in operating loss is anticipated. In the Bioplastics Division, revenue growth has been encouraging with an increase in revenues across products, applications and geographies. The Stanelco RF Technologies Division saw a further substantial improvement with the continuation of a sizeable fibre optic furnace build programme and additional diversification into new industrial markets.

Brainjuicer (LON:BJU) (LON:BJU 305.5p/£38.21m)

BrainJuicer, the innovative, international online market research agency yesterday gave an update on trading during its financial year ended 31 December 2011. The Company's preliminary results will be announced on 22 March 2012. Trading during the seasonally important final quarter of the year was good. For the full year, revenue increased by some 26 per cent, and exceeded £20m. As during the first half, progress for the year as a whole was fuelled primarily by continued growth in the US, where they extended their footprint by opening an office in Atlanta to add to the existing presence in New York, Chicago and Los Angeles. BrainJuicer also delivered further strong growth in Germany and Switzerland, while the recently established offices in China and Brazil, both important strategic markets, made encouraging progress in their first full year. The Company grew steadily in the UK, where it has its largest office, with revenue around 10 per cent higher. Profits have also moved ahead, and the Company expects operating profit for the year to be in line with market expectations. Cash generation was again strong: year-end cash was £3.6m, compared with £2.8m at end December 2010, with no debt. BrainJuicer is also continuing to expand the availability of its innovative solutions, having recently opened in Italy and with plans to open more offices in the future.

Cello (LON:CLL 36.25p/£28.38m)

The insight and strategic marketing group provided a solid trading update for 2011 thanks to the focus of its Research and Consulting business on the pharmaceuticals industry. This sector has grown to more than 45 per cent of research and consulting revenue, achieving above average growth and profit margins for Cello. Cello’s focus on growing its non UK revenue base is also paying off. To help support this, the Company has expanded its US presence, which now accounts for more than 10 per cent of group revenues, as well as establishing an office in Singapore. MedErgy, the US based healthcare communications consultancy, which was acquired in March 2011, has had a successful first year as part of the group and entered 2012 with a robust income pipeline. Good revenue momentum experienced in the research and consulting business in the last quarter of 2011 means that Cello is carrying forward a solid bookings profile for the first quarter of 2012. Following good cash conversion, net debt at year-end is expected to be less than £8.5m, and the earn out profile of the Group is materially reduced. It is therefore expected that the full year dividend for 2011 will be materially increased.

EKF Diagnostics Holdings (LON:EKF) ( 25.25p/£63.44m)

EKF Diagnostics, a worldwide manufacturer of point of care in-vitro diagnostic devices, saw unaudited revenues of £21.6m for the year ending 31 December 2011. Cash at the end of this period was £5.3m with a net cash position of around £2.8m. The Company saw a strong second half due to a large order of Hemo_Control haemoglobin test devices from the Mexican Institute of Social Security, the start of shipments of cuvettes to Peru and continued strong shipments of the Quo-Test HbA1c testing device. A favourable study of the Quo Test by the Scandinavian Evaluation of Laboratory Equipment for Primary Health Care has helped market demand. EKF is engaging with the US FDA regarding the Quo-Test with an application under 510k regulations expected in the first half of 2012. The Company’s acquisition of Stanbio in June 2011 provided additional revenue streams and helped develop synergies such as the success in Mexico. The Company is planning the commercial launch of Quo-Lab, a low cost HbA1c analyser for developing markets, and the BIOSEN instrument in the first half of 2012. Shipments of HemoPoint H2 instruments and cuvettes to Alere in the US are targeted for delivery in the first quarter of 2012.

GGG Resources (LON:GGG) (LON: GGG 15.125p / £25.15m)

The Bullabulling Joint Venture partners, GGG Resources plc and Auzex Resources Limited, and the newly incorporated Bullabulling Gold Limited have today executed an Option to Purchase Agreement to acquire 100 per cent of the Geko Gold Project, located approximately 17km north of the Bullabulling Gold Project near Coolgardie in the eastern goldfields of Western Australia. The Joint Venture considers the transaction to offer significant exploration potential for gold mineralisation that may be complimentary to a future mining operation currently under pre-feasibility at Bullabulling. The opportunity that the Joint Venture anticipates is the exploration potential for a significant gold target, which can be mined and hauled to Bullabulling for processing.

Goldplat (LON:GCP) (13.12p/£21.93m)

Goldplat a gold producer, announced a positive operations update on its three main gold mining projects (Kilimapesa in Kenya, Nyieme in Burkina Faso and Anumso in Ghana) and its two gold recovery operations in South Africa and Ghana. Goldplat’s cash balance was in excess of £4.59m as of 31 December 2011. The developments at all three mining projects are expected to delineate 1 million ounces of resources by H1 2012. Mining at Kilimapesa, Kenya, commenced in January 2012 with the first gold sale of 399 ounces on 13 January. Plant expansions are expected to increase production rates to 10,000 ounces per annum by the end of 2012. A report on the ore resources at the site is due in the first quarter of 2012 with total resources expected to be above 500,000 ounces. Test drilling indicates that there are two potential areas for mining 2km south of Kilimapesa with full results also expected in Q1 2012. Under the Anumso Gold Exploration licence in Ghana, a 4.8km core drilling exploration programme commenced on 22 November 2011 with 2.9km now completed. Goldplat CEO expects Ghana’s output to be up from the 28,185 ounces last year. The Nyieme project in Burkina Faso has a total resource of 92,589 ounces following the completion of the 3.1km drilling programmes in 2011. Goldplat is planning drill tests at areas around the Nyieme Village to target additional areas of economic potential including some areas highlighted by the soil sampling assays done in early 2011. In conjunction, Goldplat is in discussions with other licence holders in the vicinity of the Nyieme project regarding potential joint ventures. Goldplat’s two recovery operations in South Africa and Ghana, are performing strongly in terms of gold recovery and profitability with gold production in 2012 expected to exceed the 9,995 oz of gold produced in 2011.

Ideagen (LON:IDGP 12.5p/£9.7m)

Ideagen a leading supplier of Compliance Solutions and On-Demand information software, announced the Company's unaudited Interim Results for the six months ended 31 October 2011. Revenue was up by 57 per cent to £1.706m (2010: £1.084m); adjusted PBT up by 96 per cent to £0.48m (2010: £0.245m); and cash £1.167m (2010: net debt of £0.041m). The period also saw the successful integration of Ideagen Software; 5 new deals closed each with a value in excess of £150,000; 40 per cent organic growth in compliance business; 95 per cent renewal rate for recurring support and maintenance contracts; a new three year distribution agreement with SDG to market their products across the EMEA region and continued investment in core product development with the release of Workbench V10. Since the Interim period Ideagen has acquired Proquis who has itself recently secured contracts expected to be worth approximately US$10.6m.

I-Design (LON:IDG 48.5p/£6.84m)

i-design, the leading developer and supplier of ATM and self service market solutions for the banking industry enabling banks and ATM owners to run both their own target marketing campaigns and third party advertising, provided an update to shareholders at this week’s AGM. The Company reported that trading in the first three months of the new financial year to 30 September 2012 is in line with management expectations, with software sales showing a strong performance. The Company is also optimistic of further new contracts for its customer engagement software, joono, over the remainder of the financial year.  

Imagelinx (LON:ILI 1p/£2.89m)

The provider of graphic brand management services has reported that it expects revenue and underlying operating profit for the year ending December 2011 to be close to market expectations. Despite the difficulties in disengaging from its US business, the company has been able to reduce operating costs quickly over the second half of 2011 to match the reduction in revenue. The Company had a net cash balance in excess of £500,000 at the year-end. The outlook for 2012 has improved due to positive developments in sales in the last quarter of 2011.

Immunodiagnostic Systems Holdings (LON:IDH) 291.5p/£82.79m

ImmunoDiagnostic Systems, a leading producer of diagnostic testing kits and automated systems for the clinical and research markets, provided a trading update for the nine months to December 2011. Given the strong full year 2011 results, the Company is facing challenging trading conditions, with revenue for the period being slightly higher than the previous period at £39.6m (2010: £35.4m), though for the full year the Company expects a figure lower than current market expectations, coming in between £52m - £53m, and profits too for the full year to be lower than expected at around £14.5m - £15.3m. This reflects the increasingly competitive landscape, especially in the US for manual test tests. The Company continues to develop new tests for the IDS-iSYS system in the areas of bone, hypertension and diabetes to ensure it remains at the cutting edge, and is implementing a cost cutting exercise that will realise £2m of annualised cost savings (after a one-off £1.2m cost implementation).

Infrastrata (LON:INFA 12.88p/£10.08m)

InfraStrata, the independent gas storage and petroleum exploration company, is pleased to announce that its wholly owned subsidiary, InfraStrata UK Limited together with Moyle Energy Investments Limited has entered into agreements with BP Gas Marketing Limited (BPGM) regarding the appraisal of the Islandmagee gas storage facility development project in County Antrim, and the grant of an option to BPGM to acquire a 50.495 per cent equity interest in Islandmagee Storage Limited the gas storage developer in Northern Ireland currently owned by InfraStrata (65 per cent) and Moyle (35 per cent). Should the option be exercised InfraStrata's equity interest in IMSL will become 32.178 per cent and the remaining 17.327 per cent will be owned by Moyle. Under the terms of a Joint Appraisal Agreement, BPGM has agreed to fund the activities necessary to develop the project up to the point where a decision can be made on whether to proceed with a detailed engineering design. The greatest item of the expenditure, the drilling of the well, is subject to IMSL being granted planning permissions and other consents. In consideration for the work undertaken in developing the project to date, IMSL will receive an amount of up to £400,000. £200,000 was paid on signature of the Joint Appraisal Agreement and a further £200,000 will be paid if planning permission for the project is granted. These funds will be used to repay a portion of the InfraStrata loan account to IMSL.

IPSO Ventures (LON:IPS 2.88p/£1.1m)

The demand-led  technology commercialisation business released interim results this week, in which it announced a move into profitability, with profits of £28k (2010: loss of £230k), largely as a result of an increase in the valuation of two of its portfolio companies, Biocroi and IPSol Energy. Cost savings were also achieved, with a 58 per cent reduction in property costs to £15,000 from a move to a new office, helping the Company to position itself with sufficient working capital going into the third quarter of the calendar year. IPSO continues to consider a range of opportunities with the potential to increase shareholder value, which positively reflects the Company’s improving position.

ITM Power (LON:ITM 43.75p/48.43m)

The energy storage and clean fuel company announced a pilot agreement with Marks & Spencer Group PLC to deliver the ITM Power HFuel platform to generate hydrogen in a 6 week trial using several fuel cell vehicles as a direct substitute for part of the existing battery powered fleet. The vehicles will be deployed at M&S's 1.1m sq. ft. Prologis Park Distribution Centre. The $20bn global materials handling market is a potential key early adopter for Hydrogen and the trial is the first of its kind in the UK. The Company also announced that it has achieved CE compliance for a standardised HFuel product, and has also added a stationary electrolyser product to its portfolio which has also achieved CE compliance. ITM recently won a contract for a refuelling product for the University of Nottingham and continues to work with TUV SUD (the leading German test and certification body) to satisfy any additional local requirements for HFuel in Germany, demonstrating the key developments being made. A good update for the Company.

Jubilant Energy (LON:JUB 28.25p/£117.61m)

The Ministry of Petroleum and Natural Gas in India (MoPNG), has approved an extension of 20.5 sq. kms. to the existing contract for the Krishna Godavari Block. As a result of the extension, the approved development area for DDW (DeenDayal West area) has increased from 17 sq. kms to a total of 37.5 sq. km. The Company plans to get the reserves and resources of the extension area certified by the technically competent authority. Jubilant holds a 10 per cent participating interest in this block through its subsidiary Jubilant Offshore Drilling Pvt Ltd in India. Gujarat State Petroleum Corporation Ltd., with an 80 per cent participating interest, is the operator of the block.

Judges Scientific (LON:JDG) (LON:JDG 442.5p/£18.98m)

The Directors of Judges Scientific last week updated shareholders on the Group's trading performance in respect of the financial year ended 31 December 2011. Operations were satisfactory throughout the year and good progress was recorded in sales, profitability and cash conversion. The Board expects that adjusted earnings per share for 2011 will be ahead of the consensus forecast and that the year's achievements will be reflected in the balance sheet. The order book at 31 December 2011 represents approximately eight and a half weeks' sales; this is slightly down on last year, partly as a result of efforts to improve delivery times at two subsidiaries. The global economic outlook remains difficult and the year ahead promises much uncertainty. Thankfully the sector has remained relatively sheltered from the general despondency, particularly in the Far East, which accounts for a significant proportion of sales. With a solid order book, a strong balance sheet and a number of new or updated products, the Directors are confident that the Group is well equipped for 2012.

NCC (LON:NCC) Group (LON:NCC 888p/£304.66m)

The IT assurance company reported strong revenue growth of 28 per cent year-on-year to £42.4m in the six months to November 2011. This included an organic revenue growth of 20 per cent, reflecting good execution in international markets. International sales now account for 31 per cent of group sales. Underlying operating profits from continuing businesses rose by 33 per cent to £10.2m. The management believes that the Company is well placed to maintain growth as the technology revolution continues to outpace the ability of IT departments to cope with the plethora of security issues in the cyber space.

Next Fifteen (LON:NFC 93p/£53.41m)

With the first six months of trading almost completed, the management has reported a solid start to the current financial year. It expects the interim results for the six months to January 2012 to show growth in both revenue and profits, helped by a particularly strong performance from its digital businesses. The full year results are also expected to show growth despite the economic pressures on clients' businesses and their marketing budgets.

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In the past six months, the completed the acquisition of Trademark, a Munich-based technology focused PR and consulting business. Trademark has begun trading as Bite and is expected to help build a stronger presence in this sector.

Nighthawk Energy (LON:HAWK) 2.65p/£12.11m

Nighthawk, the US focused oil development and production company announced the result of the Open Offer. Valid applications have been received under the Open Offer raising gross proceeds of approximately £1.85m. The acceptances represent approximately 44.5 per cent of the New Ordinary Shares available under the Open Offer.

Plethora Solutions Holdings (LON:PLE) (LON:PLE 3.12p/£6.27m)*

Plethora announced a positive trading update for the year ended 31 December 2011. Plethora underwent two financings in the period raising £0.86m in April and £2.05m in October. By the end of the year cash resources stood at £0.99m compared to £0.76m in 2010 whilst total borrowings fell from £3.46m in 2010 to £2.65m in 2011. Fully audited results are expected in March 2012. In September, the Company regained operational and economic control of PSD502 from Shionogi. Plethora now controls the commercialization of PSD502 in Europe and the Rest of the World (excluding USA, Japan and certain Asian territories). Plethora expects to complete the regulatory filing of PSD502 with the European Medicines Agency in the first half of 2012.

In 2011 Plethora announced multiple product acquisitions for its subsidiary The Urology Company. First, in March, Plethora entered into an agreement with Columbia Laboratories to expand its relationship from being the UK distributor of Striant SR to licensing it for all European territories. In June, Plethora became the exclusive distributor of the MultiGyn and MultiMam product ranges in the UK. Finally, Plethora entered into an agreement with G. Pohl-Boskamp GmbH & Co. KG to become the UK exclusive distributor of Gepan-instill, which was announced on 20 January 2012. These agreements helped increase The Urology Company’s revenues to £180,000 (unaudited) for 2011, up significantly from the £33,000 of revenues in 2010.

In January 2011 Plethora appointed Richard Horsman as a non-executive and senior independent director of the Company. Mr Horsman was previously CEO of Cybit Holdings. In January 2012, Plethora announced that Ronald Openshaw had been appointed CEO of the company following the departure of Dr Steven Powell due to illness. Also, it was announced in January 2012 that Jim Mellon, a renowned fund manager, had been appointed as a non-executive director of the Company and that he held 10 per cent of the Company’s capital indirectly.

Rock Solid Images(LON:RSI 2p/£3.16m)

Rock Solid Images has recently announced a series of contract awards in its integration of seismic, CSEM and well data (WISE) and reservoir characterisation (WSS) business lines. Project awards and other new contracts across all business lines so far this financial year total £2.9m with the revenues expected to be recognised before 31 August 2012. Additionally continued sales of a 79 well multi-client rock physics study in the Barents Sea, commencement of a 61 well multi-client rock physics study in mid-Norway, and of a strategic review to consider the options available to RSI and its WSS and WISE operating division. The Company also presented its Preliminary Results for the 12 months ended 31 August 2011. Despite the sale of the EM acquisition business, revenues increased slightly over the previous year from £3.6m to £4.0m in the year.

RSM Tenon (LON:TNO 5.85p/£18.87m)

RSM Tenon, the professional services firm, this week announced that the increased sensitivity to and pressure on pricing had resulted in transaction-based activities remaining behind its expectations in a difficult economic environment. The Company now expects to report that revenue in the six months to 31 December 2011 is approximately 10 per cent. lower than in the corresponding period in the previous year and due to the proportion of costs that are fixed, expect to report a loss before tax. The magnitude of the loss will be quantified once the interim accounts are completed. The Company also confirmed that it was actively engaged in constructive discussions with its sole lending bank due to the forthcoming expiry of certain banking facilities. Jeremy Newman, formerly Global CEO of BDO International, will join as consultant and it was announced that the Chairman and Chief Executive will step down with immediate effect.

Sanderson Group (LON:SND 33p/£14.36m)

Sanderson Group, the software and IT services business specialising in multi-channel retail and manufacturing markets in the UK and Ireland, announced that it had completed the sale of Sanderson RBS, the group business which specialised in the sale of electronic point of sale solutions to major high street retailers, to Torex Retail. The cash consideration of £11.5m is payable on completion with modest additional consideration payable on 6 April 2012 and upon receipt by Sanderson RBS of specific customer payments. The cash proceeds of the sale will enable the Company to repay its bank debt and leave cash balances of approximately £4m. The cash will be used to invest in the further development of products and services, especially in the area of online sales and ecommerce solutions.

Stellar Diamonds  (LON:STEL 5.5p/£11.92m)

The diamond mining and exploration company focused on West Africa has provided an update on the resource definition programme at the company's high-grade Tongo kimberlite diamond project in eastern Sierra Leone. The management believes the drilling and bulk sampling of the high-grade 2.5km long Dyke 1 kimberlite has generated excellent results. With a diamond grade of 121 carats per hundred tons (cpht) and diamond value of $185/ct, the calculated in-situ value of the kimberlite is $224 per tonne. Sampling of the nearby 1km long Dyke 4 has also yielded a high grade of 106 carats per hundred tonnes demonstrating further kimberlite resource potential in the immediate vicinity. Independent (LON:IIT). consultants, CAE Mining, are now compiling the maiden Tongo resource statement for Dyke 1, which remains on track for completion during this first quarter of 2012.

Sunkar Resources (LON:SKR) (LON:SKR 5.5p/£9.16m)

Sunkar Resources this week announced that it had posted to shareholders a circular seeking shareholder approval for its proposed fundraising of up to $12.8m through the issue of convertible loan notes to Sun Avenue Partners Corp. The loan notes will convert in full, in accordance with their terms, to shares representing 51 per cent. of the fully diluted issued share capital of the Company . The Company confirmed that the investment is required to repay existing creditors, support the Company’s plans and meet ongoing working capital requirements. 

Surgical Innovations (LON:SUN) Group (LON:SUN 11p/£43.47m)

The designer and manufacturer of creative solutions for minimally invasive surgery yesterday gave a trading update. During the year to 31 December 2011 the Group has traded in line with market expectations. In difficult market conditions SI continued to trade according to plan in the second half of 2011, with a strong fourth quarter. The focus towards development of US opportunities is a major element of the company's strategy, particularly with the current challenges throughout the European market. Orders from the US have continued to grow as a result of strengthened routes to market complementing the Master Dealer's growing distribution network. The Group has continued to see positive results from its investment program in product development; sales of the innovative PretzelFlex(TM) laparoscopic retractor have been encouraging following its launch in November. In addition, new handle technology with improved ergonomics for an OEM customer will soon be undergoing clinical evaluations in preparation for launch in the US market. Preliminary results for the year to 31 December 2011 are expected to be released on 24 April 2012.

Synchronica  (LON:SYNC 12.25p/£19.44m)

Synchronica the international provider of next-generation mobile messaging services has secured an agreement with a handset manufacturer, based in China, to bundle Synchronica's Mobile Gateway onto its portfolio of low and ultra-low-cost MediaTek powered handsets. The order is valued at US$1.5m, net of taxes and levies, and covers initial professional services in addition to a perpetual user licence for the first 1m handsets. Synchronica anticipates delivery to the customer by the end of April 2012. The Company also announced that it has started work on reports that are usually required within one week of a profit forecast, but that it is taking longer than originally anticipated to complete the reports and the panel has exceptionally consented to the reports being released by January 25.

Thalassa Holdings  (LON:THAL 25.5p/£2.48m)

The Board was delighted to announce the appointment of John Duncan as a director of THAL. Mr Duncan, 62, brings over 30 years of experience in the marine seismic industry. Following an early career with the Royal Air Force and, after working for a number of different marine seismic contractors, he established the Company that is now Westland GeoProjects (Holdings) Ltd in 1995, which operated and managed a number of seismic survey vessels. Mr Duncan has also been appointed Chairman of WGP Exploration Ltd, THAL's recently acquired subsidiary which was previously majority owned by WGP Holdings.

Transense Technologies  (LON:TRT 4.62p/£8.17m)*

Transense, the provider of sensor systems for the transportation and industrial markets, announced that its trading division, IntelliSAW, a provider wireless sensor systems for smart grid applications, is now shipping volume production quantities of its IS485 temperature monitoring system. Launched in September 2011, these systems are being implemented into smart grid power distribution assets to continuously monitor and control temperature. The systems are wireless and the sensors do not require any power thereby simplifying installation whilst reducing risk of arcing or flashover.

Triple Plate Junction (LON:TPJ 5p/£17.42m)

Triple Plate Junction said that it has been advised by Newmont Ventures that drilling at Gumots has been commenced. Gumots is one of a number of drill targets identified in the Morobe mineralised district based on geological mapping, surface sampling, IP surveys and helicopter borne magnetic surveys undertaken by Newmont and is the second target to be drilled pursuant to the Morobe Joint Venture. The initial programme is for 3,000m. We are awaiting drilling results from the first target at the Hides Creek prospect.

Ubisense (LON:UBI 213.5p/£46.24m)

The market-leading location solutions company today gave an update on trading performance for the full year to 31 December 2011.The good momentum in the business achieved in the first half of the year has been maintained in the second half.  As a result, Ubisense anticipates reporting annual revenue growth and adjusted EBITDA in line with the Board’s expectations. The Group’s order book continues to grow, and Ubisense has a strong balance sheet with net cash at 31 December 2011 of over £5m. Ubisense completed two acquisitions in the second half of 2011. Both have been fully integrated and are performing in line with expectations.  The Group continues to evaluate further acquisition opportunities. Ubisense expects to publish its final results for the full year to 31 December 2011 on Tuesday 6 March 2012.Richard Green, CEO of Ubisense, commented: “2011 was a tremendous year in our history, with the listing on AIM, two Geospatial acquisitions and further endorsement of our Real Time Location Solutions by new customers such as Eurocopter, Daimler and Paccar. We have also entered into a global licence agreement with both BMW and EADS during the year....We start 2012 with a record order book and expect 2012 to be another strong year for Ubisense.”

ViaLogy (LON:VIY) (LON:VIY 1.88p/£15.97m)

Vialogy a provider of reservoir characterisation, geophysical imaging and hydrocarbon sizing services to global oil and gas Exploration and Production companies based on proprietary, patented active signal processing technology, last week announced that it had raised just over £1m through a placing with new and existing investors. The net proceeds of the placing will be used for working capital purposes.    

Walker Greenbank (LON:WGB) 52.75p/£30.62m

Walker Greenbank the luxury interior furnishings group whose brands include Sanderson, Morris & Co, Harlequin and Zoffany, announced that its Chinese distribution partner, Ming Wang Company, has opened a major showroom in Shenzhen, a City in southern China with a population of more than 14 million people. The 560 sq m showroom is stocked with Walker Greenbank’s products and will be opened on 9 March 2012 to coincide with major fabric and wallpaper exhibitions in Shenzen and Beijing that will also be showcasing the Company’s brands. Walker Greenback has already seen a 25 per cent increase in sales in China in the 11 months to December 2011.

Xenetic Biosciences  (LON:XEN 9p/£33.14m)

The bio-pharmaceutical company specialising in the development of high-value differentiated biologic drugs and vaccines, last week announced that finally completion under the Sale and Purchase Agreement dated 4th August 2012 has occurred. Additionally, the Company has now also concluded all of its proposed arrangements with the Serum Institute of India under the Master Agreement. With respect to the proposed Open Offer, the Company will monitor market conditions to determine whether the Open Offer should be pursued.  Xenetic also announced that its Russian co-development partner, SynBio LLC, has dosed its first patient with Xenetic’s Orphan Drug candidate, OncoHist™, in a Phase I/II clinical trial for refractory Non-Hodgkin Lymphoma. Commenting on the Phase I/II trial, M. Scott Maguire, CEO of Lipoxen, said: “We now have six drug candidates under clinical development with our partners including two via our recent acquisition in Germany.”

*A corporate client of Hybridan LLP