News

Shares in Biofuels Corporation plunged after the green fuel group said insolvency will be unavoidable if its restructuring proposal is not be approved by shareholders.

Under proposed terms, Barclays will own a new holding company which will own 94% of Biofuels.

In a separate statement, the group said annual pre-tax loss came to £32m compared to a loss of £74.4m previously. Revenue rose to £51m from £1.9m last year.

Ink and laser equipment maker Domino Printing saw revenues rise by 12% and said it plans to launch new products during the remainder of the year.

Revenue increased to £112m for the six month to 30 April compared to £100.1m last year. Pre-tax profit was up by 4% to £14.6m, but the group said results were adversely impacted by the movement in exchange rates.

"We expect to report strong sales performance for the full year and are well placed for growth in 2008 and beyond," said chairman Peter Byrom.

Smartcard firm Advanced Smartcard Technologies surged ahead after it agreed to be bought by Trainline, a company controlled by Exponent Private Equity, for £18.7m.

The group also announced today its interim results, revealing an operating loss of £47,000 compared with the profit of £117,000 previously on revenue that fell to £630,000 versus £700,000 last time.

Magazine and newsletter publisher Huveaux was down after announcing that half-year sales and EBITDA will be significantly lower than 2006.

"Our healthcare division in France has seen a significant drop in sales revenue as compared to the first half of 2006," the group said.

"This is as a direct result of pharmaceutical companies cutting their advertising budgets across the board in response to the sharp rise in generic drugs," it added.

IT and communications services provider Glen Group slipped lower as pre-tax losses for the six months to March widened to £597,000 compared with £380,000 previously due to higher restructuring and developments costs. Turnover rose to £2.9m compared with £976,000.

Intelligence gathering equipment provider Datong Electronics saw operating profit before exceptionals surge 30% to £1.6m on revenue that rose 31% to £9.6m. The group also announced a maiden dividend of 1p per share.

Oil and gas firm Meridian Petroleum said during 2006 it has seen some "frustrating delays" as pre-tax losses for the year widened to £5.9m versus £1.6m previously.

Oil exploration licence operator Baltic Oil said 2007 should see its first significant revenues from operations. Pre-tax losses for the year to December rose to £8.23m compared with the £791,000 loss previously on first revenues of £222,000.

Property management group HML Holdings saw pre-tax profit for the year slip to £170,000 from £219,000 last year despite turnover increasing 37% to £5.8m.

Environment technology firm Porvair saw pre-tax profits surge 64% to £1.5m despite sales remaining flat at £22.9m.

Cell therapy firm Intercytex Group saw its shares jump after it announced the conclusion of a trial in which laboratory-made living human skin was integrated into the human body for the first time.

Internet technology firm Z Group said it noted the recent fall in its share price but said it "can see no reason for this price movement."

Oil & gas producer Gulfsands Petroleum announced the placing of 8m new shares at £1.45 each to the Al Mashreq Investment Fund and Hickam Ventures, representing a total investment of £11.6m.