Companies: AUG    FCO    FPL    IMTE    RUR    UCL    WHT    WOR   

The AIM Index oscillated about the 1,000-mark all week and eventually reached 1000.3, down from 1009.2 last Friday. This largely mirrored the performance of the blue chips, as the FTSE was similarly staid, gaining just ten points to 5451.

A volatile few days for hazardous waste specialist Augean (AUG) saw it descend 23 per cent to 103.5p after warning second half profits would be below expectations and would be ‘unlikely’ to improve on those of the first.

However, the company cheered later in the week with the news it has been granted a Pollution Prevention Control permit by the Environment Agency earlier than expected. The shares, which hit 270p back in March, sparked up 16p on Friday to finish at 136.5p.

One of the week’s upbeat stories involved ’smartphone’ company i-mate (IMTE), a Microsoft Windows mobile device specialist. Shares in the company, a September debutant at 210p, skipped up a further 11.2 per cent to 263p on analysts’ upgrades in the wake of an emphatic interim showing, with profits lifted by 226 per cent to $12.4 million.

On the other end of the scale First Calgary Petroleums (FPL), once AIM’s largest constituent, drifted down a further 19 per cent to 302.5p as it warned more funding would be needed to bring its Algerian gas prospect to production.

Mixed bag for recruiters

Over in the support services sector there was plenty of news flow, with recruitment companies offering up a mixed bag.

Shares in beleaguered corporate career outfit Fairplace Consulting (FCO) lost ten per cent to 26.5p on a gloomy trading update. The company expects interim losses of around £300,000 after a severe October shortfall, although chairman Mark Allsup insists the outlook for November and December is 'more positive'.

An encouraging year to July from e-recruitment outfit World Careers Network (WOR) saw pre-tax profits lift 75 per cent to £602,000 on higher turnover of £2.85 million. Claiming to be Europe’s leading supplier of applicant tracking systems, the company experienced a slower second half than first but its shares were unchanged at 100p this week.

And restructured Whitehead Mann (WHT) gave up 5.2 per cent at 31.75p, despite reporting a reduction in its interim loss from £8.9 million to £1.8 million.

Rurelec pleases with expansion plans

Earlier in the week, Latin American electrification backer Rurelec (RUR) impressed with news of a £165,350 pre-tax profit for the year to last June. The company speaks confidently of further expansion with the aim of 'becoming an important force in the regional power industry’. Nevertheless, the London-based venture, which has initiated projects in Bolivia and bought a half share in an Argentinean power plant, suffered a 3.5 per cent share price fall to 43.5p this week.

And after hoisting profits fivefold to £1.2 million pre-tax in the year to September, mobile phone payments handler United Clearing (UCL) has received a bid approach. Without naming the potential bidder, the support services venture says 'discussions are at an early stage' and come at a time when the company is 'considering an earnings-enhancing acquisition' itself. The shares edged up 0.5p to 131.5p on Friday.

Looking forward

Stout celebrity chef Antonio Carluccio is preparing to float his eponymous, 23-strong café chain onto AIM next month with a value expected to be between £50 million and £60 million. Close Brothers is adviser and Altium Capital broker to Carluccio’s, which made £3.5 million pre tax in the year to September.