News

Shopping-at-work group Premier Direct has recovered from the difficult trading period experienced in the second half of 2005/6 and expects to return to full-year profitability.

"The board is pleased to report on the good progress made in the current year, in particular the return to profitability, the significant reduction in net debt and the return to increasing distributor numbers," said the group.

Premier added that it plans to propose a final dividend of 1p per share, provided that trading in the early months of the new financial year is in line with expectations.

Troubled software group iSOFT saw both revenue and normalised profit from operations fall compared to last year.

Revenue for the year fell to £175.2m compared with £201.7 last year, while normalised profit from operations before exceptionals fell to £6.6m versus £13.3m last time.

"The board does not expect the Group to return to significant and sustained revenue growth until LORENZO is developed to such a point where it is broadly marketable outside the UK, this point to be reached in late 2007 / early 2008," it said.

It added that revenues associated with international sales of LORENZO would not occur until 2009 and beyond.

Shares in Healthcare Enterprise slipped after it revealed that its principal trading business Crest Medical continues to operate at a loss despite reduction in operating costs.

The group said it is confident business will resume profitability later in the current financial year as service levels have improved.

"The board and management are focused on restoring the group to break-even and sustainable profitability at the first available opportunity," said the group.

Elan Corporation said a committee of the US Food and Drug Administration voted 12 in favour to 3 opposed, with 2 abstaining, to recommend approval of Tysabri as an alternative treatment for moderate-to-severe Crohn's disease.

The recommendation is advisory to the FDA, which is not bound to accept the decision.

"Elan and Biogen Idec will continue to work closely with the FDA in the weeks ahead with the goal of making TYSABRI available for the treatment of appropriate patients with Crohn's disease," said the group.

Financial service group Dowgate Capital was on the rise after announcing improved pre-tax profit and turnover, adding that it remains optimistic about second half performance.

Half-year pre-tax profit came to £697,000 compared to £512,000 last year on turnover up to £3.2m from £1.7m previously. The group also announced its first interim dividend of 0.4p.

Software firm @UK was lower as full-year turnover is expected to be below market expectations. Pre-tax losses and cash outflows are expected to be in line.

The group added that there has been progress in discussions with major suppliers to the NHS market and a strategically important project is at proof of concept phase.

"These opportunities in the NHS continue to underpin our confidence in the long term prospects for @UK," said the group.