News

Bio-degradable implants developer Inion has reduced its sales forecasts for the current year and warned it needs further funding to achieve its medium-term goals.

Sales growth by the end of the year is expected to be approximately 15% to 20%, or in the region of €6m against a previous forecast of approximately €7m.

Delayed registration of products in China, destocking by its US CMF distributor and a temporary loss of momentum in two European markets after changes to its distributors are blamed for the reduced revenues. Sales for the nine-month period ended 30 September 2008 were €3.7m, up 8% on 2007 (€3.4m), though sales fell 37% to €1.1m on a quarter by quarter basis in the three months to September.

Detcontamination equipment supplier Bioquell reports revenues in the four month period between July 2008 and October 2008 were in line with
forecasts notwithstanding the move of its HG and manufacturing facilities to a new building. The group added that tits balance sheet remains strong with a significant net cash position.

Lloyds underwriter Chaucer reported a rise in total gross premium income to the end of September to £527.3m from £439.7m last year but said that the tough economic conditions continued in the third quarter, with an already difficult investment environment becoming worse.

Marketing service group Chime Communications said it is well placed to achieve expectations for the full year after results for the first ten months of 2008 have outperformed the first ten months of 2007.

Internet games developer CryptoLogic saw third-quarter revenues drop by 19.7% to $14m and said it remains cautiously optimistic for 2009.

Electronic payments specialist Earthport grew revenue by 79% to £1.92m in the year ended 30 June 2008, helping narrow losses to £3.66m from £4.4m in 2007.

"We are confident that the financial year to June 2009 is our breakthrough year and we look forward to delivering value to our shareholders as well as providing an excellent service to our customers," said executive chairman Mike Harrison.

Public sector software and services provider IDOX finished the year ended 31 October 2008 strongly. Bosses expect to report trading for the year in line with market expectations, with a positive net cash position at the year end.

Final results are due on 8 December.

LED technology specialist Dialight said overall trading is in line with the board's expectations despite adverse world economics. LED product lines are down 10% versus the first half but have been offset by other parts of the business and the strengthening US dollar.

"The continued good progress in the Signals/Illumination segment gives the board confidence in maintaining its current outlook on trading for 2008," it added.

Capital & Regional expects to see increased stress in tenant markets in the months ahead and said very challenging investment market conditions are likely to persist well into 2009.

Global positioning system specialist SIRF Technologies is to license a number of technologies developed by chip designer Imagination Technologies.

The newly announced deal builds on previous collaborations between the two companies.

Under the terms of the new arrangement Imagination will receive licence fees and royalties from use of its technologies in SIRF's multi-function system-on-chip consumer navigation products.