News

Northumbrian Water is set to increase water bills by 1.3% above inflation as the utility group tries to contend with high energy prices.

"Although there are a number of upward cost pressures, such as energy, at this point we propose to deliver our plan with overall average annual price increases of 1.3% above inflation," said the group.

The group said it continues to trade in line with expectations.

"As stated at the announcement of our preliminary results on 4 June 2008, operating costs continue to be impacted by high and volatile energy prices. Although global macro economic conditions continue to be challenging, the Company's liquidity position is very strong with funding secured to meet capital investment and operations through to at least 2011," it said.

Exhibitions group ITE Group said it is confident the business is trading in line with expectations with good conditions in the Russian and CIS markets.

Revenues in the three month period to 30 June were £53.9m from £49.3m in the same period last year, with like for like revenues for the period around 10% higher.

"As at 25 July the Group had £100.8m of sales booked for the current financial year, which represents approximately 95% of market expectations for the full financial year. At this point of the year, 'like for like' revenues remain more than 10% ahead of the comparable figure for the same time last year," it said.

The group added that it is advanced stages of appointing a new finance director.

Outsourcing specialist Xchanging expects its rapid growth to continue despite current economic conditions, adding that it remains confident of its outlook for the year.

For the half-year, pre-tax profit rose to £20.7m from £7.1m before on revenue that increased 20% to £266.8m. The group said the impact of the Fondsdepot Bank (FDB) Enterprise Partnership has made a significant contribution to this increase.

"We have high levels of revenue visibility and despite the difficult economic climate, the market for our services remains active and our existing businesses are well placed to deliver organic growth and margin upside. We therefore remain confident in the outlook for the full financial year," said the group.

Health and sensor group Halma said order intake for the first quarter of the year showed growth over last year and is in line with expectations.

The group said underlying organic growth in all three Halma sectors was helped by positive impact from currency movements.

"As stated at the time of our year end results in June, the board believes that Halma is well positioned to make further progress in the current year and beyond," it added.

Trading at plastics firm Victrex has remained in line with expectations since May, with the "encouraging" start to the second half continuing.

Average monthly sales volume for the four months to the end of July was above that seen in the first half, said the company ahead of October's full year update.

Mitchells & Butlers has swapped 21 Express by Holiday Inn hotels for 44 Whitbread pub restaurants, which currently trade under the Brewers Fayre and Beefeater brands.