Small caps round-up: NWF Group, Timeweave, North Midland Construction

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NWF Group has appointed Brendon Banner as its new Group Finance Director as of November, replacing Johnathan Ford who is leaving at the end of September to take over the position of Chief Financial Officer of HomeServe. Brendon joins from William Hare Group, a structural steel engineering and fabrication group. He has been in industry for the last nine years, including senior finance positions at Shop Direct Group.

Timeweave, the holding company of a group which owns a 50% holding in Amalgamated Racing (AMRAC), posted a slight rise in half year revenue, from £14.27m to £14.35m following a period of stable trading, while pre-tax profit increased from £3.8m to £4.3m. Total earnings per share increased from 1.3p to 1.4p. Cash and equivalents at the period end increased from £28.2m to £33.2m year-on-year. No dividend was paid.

Shares in North Midland Construction fell after the company's first half revenues dropped from £91.3m to £74.9m year-on-year after significant losses in the building and civil engineering division. Profit before tax fell from £1.3m to £0.1m, while earnings per share plunged from 12.52p to 0.23p. The proposed dividend was slashed from 2.5p to 1.5p. The firm's Chairman described the results as "disappointing".

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