Small caps round-up: Infrastructure India, SkyePharma, LiDCO Group

Infrastructure India, an AIM-listed investment group, pleased its investors with a 50.2 per cent leap in its net asset value (NAV) to 207.3m pounds over the year ended March. The value of the company's investments rose 94.9 per cent to 216.7m pounds, while the NAV per share climbed from 92p to 95p. The company's Chairman said the period was one of "significant operating progress" in what has been a challenging period for investing in Indian infrastructure and stressed that it has diversified and increased the size of its portfolio.

Drug firm SkyePharma posted a strong rise in net profit after tax for the half year ended June 30th from £0.4m to £3.4m after research and development expenses fell from £10.1m to £6.3m and boosted by income from discontinued operations. Revenues were down 10%, in line with expectations, from £22.1m to £19.8m. Pre-exceptional earnings before interest, tax, depreciation and amortisation (EBITDA) from continuing operations were £4.9m (H1 2011: £4.2m). Cash at the end of the period fell £15.2m to £11.0m.

LiDCO Group, a cardiovascular monitoring company, expects its results for the six months to July 31st to show a four per cent increase in revenue at £3.3m, with cash at the period end at £1m. Product sales were up by 18%, while sales in the UK increased overall by 49%, with both LiDCO and Argon distributed product sales increasing well. Surgical disposables unit sales in the UK showed a significant and encouraging increase of 33%.

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