Air Music deflates; RingProp flops

Companies took the last serious opportunity of updating investors ahead of next week’s Christmas wind-down, with a swathe of interim results released. The market as a whole barely moved, with the AIM Index drifting 3.3 points to 1028.2 and the FTSE 100 up a mere 32 points to 5541.4.

Air Music & Media (AMU) lost a third of its value to 2p as the CD and DVD publisher reported that last time’s £560,000 pre-tax profit had become a £1.2 million loss in the six months to September. Chairman John French confirmed the UK division has been under pressure, with sales falling. The board ‘retains a cautious view on Christmas trading’.

Marine propeller designer RingProp (RPP) also spiralled lower, halving to 38.5p after confessing ‘a delay is anticipated in propeller availability’. The company added that, following tests, ‘some modifications are required’ to the group’s product.

High spirits at Lo-Q

Virtual queuing system designer Lo-Q (LOQ) shot up 63 per cent to 8.75p on the publication of a small ‘interim’ profit before tax of £76,000 for the twelve-month period to September after rental income for its Q-bot rose substantially. The year-end has been moved to December to coincide with that of its major customer.

La Tasca (LAT), the fast-expanding operator of Spanish-themed restaurants, served up tasty interim results for the half to 30 October with pre-tax profits almost doubled from £1.4 million to £2.7 million on turnover up 18.5 per cent to £27m. The shares warmed 3p to 104.5p.

Corrosive-resistant coatings engineer Hardide (HDD) firmed 12 per cent to 14p on maiden pro-forma figures to September that revealed losses trimmed 30 per cent to £701,000 on a three-fold leap in revenues to £1.1 million. The company completed first orders for British Aerospace’s Eurofighter, and talks are afoot with other leading aircraft manufacturers.

In a similar strain, nanoscale coatings measurer Millbrook Scientific Instruments (MIL) reported that it is seeking a suitable acquisition after cutting losses from £157,000 to £63,000 in the six months to September. The results reflected the first full contribution from the company's Micro Materials subsidiary, acquired in September 2004.

Fire damage for ASOS

Online retailer ASOS (ASC) suspended trading in its shares and temporarily ceased activities on its website after the massive explosions at the Buncefield fuel depot damaged its new Hemel Hampstead warehouse. The suspension comes at the retailer’s busiest time of the year, in the run up to Christmas, but ASOS commented that it is fully insured both for stock loss and business interruption. ASOS’ shares closed at 77.5p last Friday.

Machine auctioneer GoIndustry has reversed into AIM shell Grasshopper Investments (GRA) in an all-share deal valuing the group at £30 million. GoIndustry, founded in 1999, organises live and online auctions of used machines and industrial equipment, arranging more than 600 such sales in 2004, which produced revenues of around £25 million.

Appian on the way

Buckinghamshire-based Appian Technology –  a provider of technology for number plate recognition, vehicle identification, traffic management, and other surveillance uses – is looking to join AIM in the first week of the New Year. Broker JM Finn and adviser John East will help the company, currently traded n OFEX, raise an anticipated £2.1 million at 5p, at which price the company would be valued at £5.6 million.