Smaller companies report: Friday close
UK small caps closed lower, dragged down by a weak broader market, with a clutch of disappointing trading statements also weighing on sentiment, dealers said.
The FTSE small cap index closed 5.8 points at its session low of 3,626.7, while the FTSE 100 index dropped 36.9 points to 6,023.1.
Adeste was the top faller, plunging 0.05p to 0.12p after posting a disappointing set of full-year results, with pre-tax losses rising to £7.9m on falling sales of £101,550 stg from 567,455 in the previous year.
Pacific Media group was also under pressure after announcing earnings, down 0.03p to 0.08p.
Also among the losers, Meriden Group fell more than 20%, plunging 0.05p to 0.19p after revealing a swing to losses from profits at the half-way mark.
The group also warned of a significant loss of future revenue streams following the Chancellor's decision on April 6 to remove the tax efficient benefits on the Home Computer Initiative.
Metrodome Group was also under pressure, down 0.5p to 3.62p after the audiovisual entertainment sales and distribution company, which is majority owned by TV-Loonland, disclosed a swing to full-year losses.
Elsewhere, Jacques Vert shares closed 2¼p lower at 13½p after warning that its operating profit before exceptionals for the full year will be significantly below market expectations.
In reaction, Seymour Pierce cut forecasts, although maintained its 'buy' recommendation.
Disappointing trading news also weighed on Sanctuary Group, down 4½p to 52½p, after an uninspiring trading statement.
On a brighter note, Streetnames jumped 0.38p to 1.75p after announcing a reverse takeover of Networkers International for £22m. Elsewhere, satisfactory full-year numbers lifted Bisichi Mining 50p to 292½p, while Mediterranean Oil & Gas put on 41p pence to 230 following a further update on the development of the Guendalina gas field (offshore Italy; NorthernAdriatic) and its operations in Italy by Intergas Piu'.
Still on the results front, Gresham House went up 40p to 507½p as the property and early-stage investment trust revealed a 23.8% increase in year-end net asset value to 626.6p.
Elsewhere, DA Group advanced 9p to 60½p after the provider of animation software signed a three-year agreements with Five to support the broadcaster's exclusive terrestrial coverage of England's home cricket Test Matches.
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