Small caps round-up: UBC, Corin, MTI Wireless

Multimedia content and services company UBC narrowed losses before tax on the back of a strong increase in half-year revenues.

Revenue from continuing operations in the six months ended September 30th rose to £2.20m from £1.50m the year before. The group made an operating loss of £0.36m versus a loss of £0.49m the year before, while loss before tax was £0.43m versus a loss of £0.49m the previous year.

At 30th September, UBC had cash in the bank of £3.30m, down from £3.78m the year before. During the last 6 months £139,000 was returned to shareholders through dividends, but the group is not proposing an interim dividend.

Shareholders were lifted by news of a contract win to supply digital video content to Yahoo UK and Ireland. UBC Media will receive a revenue share from advertising around the videos sold by Yahoo!

The courtship of Corin Group, the manufacturer of replacement hip and knee joints, by newly formed investment vehicle 2IL Orthopaedics, has ended happily with Corin agreeing to a 70p per share cash offer which values the company at around £30.5m.

Flat panel antennae maker MTI Wireless Edge said that the upturn which commenced in the second quarter gained momentum in the third, with a net profit of $0.10m during the three-month period. For the first nine months of the year the group made a loss of $0.35m, compared to a profit of $0.06m the year before. "The cost saving measures implemented after the testing first quarter continued to flow through with gross margins in the latest quarter improving to 37.6%, a gain of more than two and a half points over the previous three months. Cash generation was also strong in the period at $0.56m and the balance sheet remains very robust," declared Dov Feiner, Chief Executive Officer of MTI.