Small caps round-up: Speedy Hire, China Food, Enegi Oil...

published 15 February 2012

Speedy Hire, the UK's largest provider of tools and equipment for hire, said group underlying revenues for the third quarter were up 7.6% against the prior year, in line with the board's expectations. The firm, which is opening three new superstores, said that because of the weather the initial speed of recovery following the annual slump over the Christmas period was slower than expected but trading has since picked up. Shares fell 2.61% to 28.00p by 11:32.

China Food Company, a Chinese manufacturer of cooking and dipping sauces, has signed a memorandum of understanding (MOU) with an international animal feed provider to sell Fuss Feed, its animal feed business. Earnings before interest, tax, depreciation and amortisation for 2010 was around the £1.5m mark. The sale will improve CFC's gearing and provide additional working capital for its core condiments business, the group said. Shares rose 6.78% to 31.50p.

Enegi Oil has successfully completed an acid injection used to improve mining production at the Garden Hill South site. The operation went as planned, under very harsh conditions, and around 80,000 litres of fluid were used. The significant quantity of fluid used in relation to the wellbore volume indicates the acid has successfully penetrated the surrounding reservoir, the firm said. Shares gained 5.84% to 20.38p.

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