News

Engineer Corac does not to expect to move into profit this year despite receiving initial orders for its industrial air compressors.

Losses after tax in 2006 fell from £1.91m to £1.37m. Turnover, which consists of sponsored research work for the development of a new gasfield compressor, rose from £835,000 to £1.64m.

Corac added that a prototype test in simulated downhole conditions under way in Cumbria, while following the delivery of a 150kW turbo booster demonstrator to its Austrian partner, an order for a further four machines was received in January 2007. Cash at the year-end amounted to £3.5m.

Underlying earnings at accountancy and financial services group Tenon rocketed in the latest as the group's strategy of cross-selling different products across its clients base began to pay off.

Ongoing turnover rose 42% to £74m, with operating profit up 92% at £5.6m and profit before tax 171% better at £5.1m.

While our turnover this year will therefore be weighted towards the first half, our second half performance is traditionally higher margin as our recurring services complete annual appointment cycles, chief executive Andy Raynor said.

Motor insurance specialist Highway upped its dividend last year despite a slide in profits as it predicted an upturn in the current 12 months.

"While conditions in the motor insurance markets remain challenging, there are now some clear signs that the upturn is emerging. Highway has maintained a consistent reserving policy throughout the cycle and is well positioned to increase underwriting volumes as the cycle turns," executive Richard Gamble said.

Profit before tax fell to £19.1m from £27.3m on gross written premiums of £241m, down from £254m. The dividend goes up from 5.3p to 5.5p.