Small caps round-up: Associated British Engineering, Angel Bio, MobilityOne

Associated British Engineering, which is engaged in diesel and related engineering activities, has warned that sales during the financial year-to-date at its operating subsidiary, British Polar Engines, have been significantly lower on both last year's figures and on its internal budget. In a statement the firm said: 'Management cannot predict as to whether this is a trend for the year as a whole, as the level of quotations for work is currently in line with our earlier expectations and the sales over the full year may well even out.'

By MoneyWeek

published 14 September 2012

Angel Biotechnology, a biopharmaceutical group, has told investors that there is likely to be an adverse financial impact in the current year as a result of ongoing difficulties in the market, with a number of high value projects expected to be signed in this period, being delayed by many months as client companies seek to manage their own cash resources. The company is undergoing a planned rationalisation of its business resources that will control spend on support activities.

MobilityOne, an e-commerce infrastructure payment solutions and platform provider, reported a 40.8% year-on-year rise in half year revenue from £14.4m to £20.3m. Operating profit rose to £127,637 (H1 2011: £8,169), while profit after tax rose to £44,716 from a loss after tax of £61,128 the same period the previous year. Cash at the year end increased from £0.93m to £1.0m.