Small-cap Week, August 30

New World Resources, the Czech coal miner, rose 12.1 per cent on Friday after bondholders in the company approved a capital restructuring.

Shareholders had already signed off on the deal, which saw the shares halve in value in July. Over the week, the gains were more modest, up 5.7 per cent, but they remain down 99 per cent from their peak of £11.49, hit just a few days after their debut in May 2011.

Petropavlovsk, the Russian miner, reported a swing back into profit in the first half thanks to a 4 per cent increase in gold production.

The shares rose 17.4 per cent over the week, despite a 6 per cent drop on Thursday, when the company raised concerns that sanctions on Russia could hinder its access to capital for its debt restructuring plans.

No such problems for Arian Silver, which announced discussions to fully fund its flagship San Jose project in Mexico were "progressing positively". Shares in the silver exploration and mining company rose 5.6 per cent over the week.

Fyffes, the tropical fruit importer, gained 9.3 per cent this week after it set out cost saving estimates associated with its merger with US rival Chiquita Brands.

By optimising sourcing and shipping costs, as well as integration of IT services, the merged ChiquitaFyffes reckons on $60m in annualised pre-tax cost synergies by the end of 2016.

Clipper well positioned for shift to internet trading

Clipper, the logistics group that listed in May, avoided the hype and hangover that accompanied many recent public offerings, writes Andrew Bounds.

The Leeds-based group that fills Tesco, John Lewis, Asos and others' shelves and warehouses has seen its shares increase 50 per cent.

They slipped slightly after maiden results Friday showed revenues grew by a quarter to £201m in the year to April 30, but pre-tax profit fell from £5.2m to £3.9m. The group pointed to the £2m bill for the IPO and a number of one-off costs. It preferred to measure adjusted earnings before interest and tax, up 10 per cent at £9.6m, in line with market estimates.

It has a £30m bank facility to fund European expansion after buying a German business last year. Founder and executive chairman Steve Parkin said it was in an "enviable position" to take advantage of the shift to internet trading.

Kromek order book on a high as it expands marketing team

Kromek said its current order book was at a record high as it pursued its transition from focusing on R&D to commercialising and selling its products in global markets, writes Chris Tighe.

The company, a supplier of patented X-ray imaging and radiation detection technologies for the medical, security and nuclear markets, reassured investors it had taken steps to ensure much-improved forecasting. This follows a tumble of more than 40 per cent in its share price in March after it warned on profits and revenue due to delays in large contracts. It listed on Aim in October 2013.

Most of the delayed contracts have now been confirmed and Kromek has expanded its sales and marketing team. Investment in R&D, £3.1m last year, is continuing at similar levels.

Shares, which bottomed at 36p on April 1, closed this week just below their 51p flotation price.

Warm investor reception for Circle Oil after Tunisia push

Circle Oil pleased investors earlier this week when it reported success in exploration off the coast of Tunisia, which helped boost its share price by 25 per cent on the day, writes Michael Kavanagh.

Confirmation of a working hydrocarbon system at its Mahdia permit area came despite problems in drilling the exploration well that forced its early abandonment. Further work is expected to be conducted in the permit area. Analysts at Investec said confirmation of Circle's estimates of 100m barrels of recoverable oil could attract new partners to the basin and improved the chances of five existing prospects mapped on the block.

Shares in the Aim-quoted company rose 3 per cent to close at 24.75p on Friday as investors digested the details.

However, the rise was still not big enough to stretch Circle's price up to the 52-week high of 25.95p in January.

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