Companies: BDT    CBF    DDD    IBL    IDS    IMP    OMG    PDH    SOA   

June's litter of Aim newcomers was headed by a brace of firms spun out of fully-listed ventures. The first was International Brand Licensing, the former brands division of sportswear group Hay & Robertson that holds the rights to retro-football kit manufacturer Admiral and performance outdoor brand Mountain Equipment. It was joined by Cobra Bio-Manufacturing – the DNA contract-manufacturing arm of techMARK-listed ML Laboratories. Prior to admission, the duo raised £1.9 million and £6.6 million respectively.

Holiday park operator Parkdean Holidays dwarfed this by tapping investors for a staggering £28.8 million in the run-up to its 30 May Aim debut. The Charles Stanley-advised fundraising affords Parkdean a strong institutional investor base, with ABN AMRO, Artemis, Friends Ivory & Sime, Investec and Merrill Lynch all taking a significant slug of shares.

Software attrition

While Parkdean was brimming with youthful promise, the market plunged to within touching distance of an October 1998 all-time low of 761.3. Yet again, software developers were made to bear the brunt, with 3-D specialist DDD, motion-capture and camera tracking software developer OMG and verification systems group TransEDA all sinking to new lows.

In each case, a downbeat trading statement was to blame, although DDD could be forgiven for feeling a little aggrieved at its 59 per cent plummet to 16.5p. The company says full-year figures to December are likely to show revenues below current market expectations. But it countered this with news that operating losses and cash-burn are 'expected to be lower than anticipated'.

OMG suffered less, although it combined confirmation of a £380,000 interim loss (£608,000 profit) with a warning that it is 'unlikely to return to profit' this year. The shares shed 4p to 14.5p.

TransEDA was the big loser. It surrendered 67 per cent to 4.75p after publishing its second profit warning of the year. Poor third-quarter sales were to blame, and management assertions that 'the outlook for the fourth quarter is more encouraging' failed to appease disgruntled investors. Prior to the announcement, Robert Lea of house broker Beeson Gregory was forecasting a £1.1 million profit for the year. He now anticipates a £400,000 loss.

Rising from the ashes

There was better news for shopping channel operator Ideal Shopping Direct. Results for the year to December revealed that it has shrugged off the effects of the fire that destroyed its broadcasting facilities, offices, and a warehouse, in early March 2001. Full-year sales nudged up a little, while losses fell from £6 million to £3.6 million. As a result, ISD gained 37 per cent to 43p.

Office space provider Stonemartin fared even better. Full-year losses of £4.4 million (£843,000) were lower than market expectations. This, combined with a Sunday Telegraph tip, pushed the shares up almost 50 per cent to 20p.

Recruitment business Imprint Search & Selection was another company to be buoyed by positive press coverage. With the recruitment sector at last showing signs of life, house broker Altium Capital put out a 'Buy' recommendation on the shares – a move picked by many national papers. Imprint perked up 39 per cent to 84p on the month.

Bidtimes at last

After almost two years on Aim, cash-shell-turned-investment vehicle Bidtimes has made its first acquisition. The firm, headed by managing director Russell Stevens (who is also a director of packaging solutions business Innobox and business consultancy Meridian) has agreed to pay roughly £1.7 million in shares for Firefly – a firm whose principle asset is an 11.4 per cent stake in loss-making assistance technology developer SRS Technology.

SRS is developing a range of products that allow the remote operation of household appliances. It produced a £800,000 loss from £47,000 sales in the year to June 2001. A £1.2 million loss is expected in 2002.

Bidtimes remains on the look-out for further investment opportunities 'in high growth sectors' that offer 'a suitable exit route within the medium term'.

Newcomer

Ofex-listed ceramic brake specialist Surface Transforms has at last confirmed that Brewin Dolphin will manage its long-awaited graduation to Aim this summer. Surface is developing a range of carbon-based braking materials and has already made small sales to the automotive, aviation and rail sectors. In the nine months to February it secured reviews of £83,516 (£21,646) and produced a loss of £122,532 (£274,668 loss). Surface is looking to raise up to £3 million prior to its late July/early August flotation.