Small-cap Week, April 25

A profit warning left Shoe Zone among this week's biggest small-cap fallers. The discount retailer, which floated on Aim in May, said a warm winter meant "lower-priced ladies' ankle boots were favoured over long leg boots."

Lower average selling prices also meant 2015 earnings would be £10m, down from £13m previously, according to Numis Securities. "Anecdotal evidence suggests that this is an industry-wide issue," it told clients.

Shoe Zone shares slumped 33.9 per cent, leaving them just above their 160p flotation price.

E2V Technologies shares hit an eight-year high this week, rising 7.2 per cent, after Jefferies analysts called the image sensor and magnetron maker "one of only a few turnaround opportunities in the UK Industrials space." They added: "The group is evolving and the current valuation reflects neither its strong fundamentals nor the change it is going through."

Kenmare Resources, the Mozambique titanium miner, suffered a 10.6 per cent share price fall after warning that protests against foreign workers had forced it to temporarily repatriate some of its South African employees.

Kea Petroleum shares leapt 35.3 per cent after the New Zealand oil and gas explorer turned to crowdfunding platform PrimaryBid.com in an attempt to raise £3m from small investors.

But sub-penny stock Trap Oil dropped 62 per cent after the company - a North Sea licence holder - booked a £44m annual loss and said it was "highly likely" to become insolvent.

Advanced Oncotherapy falls back on plans for funding

Advanced Oncotherapy's rollercoaster ride continued this week. Shares in the Cern-based company, which is developing proton therapy systems for treating cancer, fell two-thirds having risen by almost half the week before, writes Kate Burgess.

Proton beams are an alternative to X-rays for treating cancer. The company claims they can be more precisely targeted at tumours and do much less damage to surrounding tissue and organs in the process.

The shares are up 133 per cent this year on the back of rising investor confidence that the company is on track to meet its target to have built and tested its first treatment facilities in the US and London by 2016, and start treating patients a year later.

But then on Monday the company said it knew of no reason for the previous week's bounce. What is more, it added it was considering issuing equity to raise funds to complete development of its first machine.

Camkids slides as China crackdown squeezes profits

The slowing Chinese economy and repercussions from Beijing's anti-corruption push took its toll on Camkids after it said profits fell sharply and that there was no let-up in sight, writes Conor Sullivan.

The Chinese maker of children's clothes said the corruption crackdown meant the giving of gift vouchers had fallen sharply. The resulting drop in demand had heightened competition, with consumer companies fighting over diminished spending.

Revenues in 2014 fell 6 per cent to Rmb1bn (£106m) while profits dropped 23 per cent to Rmb173m. Trading was no better so far this year with the order book for the spring/summer collection down 38 per cent on the previous year.

Camkids said there would be no final dividend and plans to build a factory would be put on hold. But it talked up its prospects, noting the opportunities offered by an expanding middle class. Net cash rose slightly to Rmb401m.

The shares ended the week down 45 per cent, taking their decline over the past year to almost 70 per cent.

Utilitywise in deal to help customers cut energy use

The cheapest energy is the energy you do not use - a proposition at the heart of Utilitywise, an independent utility cost management consultancy, writes Chris Tighe.

The Aim-listed company offers energy and water management services for more than 23,000 companies in the UK and Europe. Now, to help customers reduce consumption, it has acquired control technology specialist t-mac Technologies for up to £22m, payable in cash and shares in two stages.

T-mac's proprietary technology and software will enable Utilitywise to intervene in and control customers' consumption.

Since listing on Aim in mid-2012, Utilitywise has delivered strong organic growth and high margins, but questions over its accounting policies have dented the share price. Management says cash collection and earnings before interest, tax, depreciation and amortisation will now be more closely aligned.

In the six months to January 31, revenue was up 42 per cent to £29.9m and pre-tax profit rose 49 per cent to £7.3m.

The shares were up 2.86 per cent on the week at 224.78p.

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