News

"Favourable market conditions" helped pawnbroker Albemarle & Bond lift underlying annual profits by 47% last year to £10.3m from £7m.

Revenues to June rose by 43% to £46.9m. Market conditions have been helped by the reduction in lending by mainstream banks, higher gold prices and the acquisition of Herbert Brown, A&B said. The full year dividend rises by 24% to 6.50p.

Contractor and property group Pochins reduced its final dividend as profits tumbled last year from £9.1m to £1,8m, on flat turnover of £115m. Write-downs and investment provisions totalled £7.7m. The dividend for the year is 6.0p, down from 9.25p, reflecting the need to conserve cash resources during challenging economic conditions and maintain appropriate cover, Pochins said.

IT outsource specialist Norcon posted a 35% increase in annualised interim profits to $4.9m, in its first figures since joining Aim in July. Revenue rose by 27% to $35.1m. "At the date of these results, we have visibility for the full year 2008 performance and well into 2009. We continue to see very strong economic performance in Norcon's core markets and an increase in spending within the oil rich economies in which we operate," chairman Trond Tostrup said.

South Africa -based Ridge Mining is considering moving from Aim now that it expects production at its Blue Ridge platinum prospect to begin in the last quarter of 2008. Losses for the six months to June were US$2.6m (2007: profit of US$9.2m). "The recent decline in the platinum price looks to have been overdone and we are confident that Blue Ridge will continue to enjoy robust margins," chairman Oliver Baring said.

Property services and fund manager group Speymill warned profits for the full year will be some 30-35% below expectations after contracting arm Speymill Contracts incurred cost increases on three contracts and slippage on some project start dates. The division had already been hit by orders not coming through and a hotel customer going into to administration. Overall, Speymill's interim profits to June rose to £3.2m from £1.4m, on turnover of £35.3m, up from £22m.

Oil rig safety consultant Velosi reported a 31% jump in first half pre-tax profit and said trading since the period end has continued well and is in line with market expectations.

Pre-tax profit rose to $7.2m in the six month ended 30 June compared with $5.5m last time on turnover up by 60% to $77.3m. "Looking ahead, I am confident Velosi will continue to provide value and growth for shareholders," said chairman John Hogan.

Online market research firm ToLuna said trading in the second half to date been strong with operating profits for July and August double the equivalent period in 2007. The Aim-listed group reported a slight rise in first half pre-tax profit to £1.39m compared with £1.38m last time. Revenue increased by 36% to £8.2m. The interim dividend is up 35% to 0.5p.

Engineer Bateman Litwin said it has discovered certain new information in the course of the audit work for the 2007/08 financial year which could lead to potential cost over runs and possible goodwill impairment charges. "The size of these adjustments is expected to be material. Detailed analysis is underway to quantify the impact," said the group.

Irish mining company Ormonde Mining saw operating losses widen to €379,000 in the six month ended 30 June from €284,000 last time due to increased corporate costs.

Losses widened at nanomaterials group Oxonica in the first half of the year. Pre-tax loss grew to £7.04m in the first half of 2008 from £3.08m the year before, after a £3.94m hit was taken for intangible amortisation and exceptional items.

Much of the £.394m hit was accounted for by a £3.3m impairment charge following a review of goodwill relating to Oxonica Diagnostics in the light of the recent assignment and licensing agreement with BD.

Revenues tumbled to £1.5m from £3.1m in the first half of last year when revenues was inflated by £2.1m of sales of Envirox to Petrol Ofsi. The Petrol Ofsi deal was terminated in May 2007.