News

Shares in 1700 Group, formerly Steppingstone Associates, plummeted after the specialist media and publishing recruitment firm said results for the year ended 31 March are likely to miss expectations.

Hamblyn, the group's media recruitment business, experienced challenging market conditions in the run up to Christmas, which continued across January and February. Publishing recruitment unit Inspired traded at anticipated levels.

The group said it will remain profitable, adding that trading in March returned to anticipated levels.

"The pipeline of new business is now notably strong and the board believes that the improvement experienced in March will continue into the new financial year from April 2008," said the group.

Telecommunications equipment group Telspec said it is continuing to find it difficult to trade profitably due to the competitive nature of its market, and therefore plans to look for possible merger and acquisition opportunities.

Pre-tax losses narrowed to £668,000 in the year to end December compared to a loss of £1.92m previously. Sales fell to £3.4m from £5.9m last time.

Shares in Pressure Technologies rallied after the speciality high pressure, seamless steel gas cylinders group said it has traded ahead of expectations since the financial year ended 30 September due to increased demand from the oil and gas sector.

"The signs are that this demand will continue into the 2009 financial year, supported by a current order book in excess of £18m," said the group in a short statement.

Shares in York Pharma advanced after the dermatology specialist said it expects revenues for the six month to end March to be ahead of expectations.

"The integration of Derms Development has progressed well and we are now seeing the benefits of selling the brands through York's sales and distribution infrastructure in Europe," said chief executive Terry Sadler.

Rambler Media, the Russian internet web portal, reported a 125% year-on-year rise in revenue to $69.1m and said it plans to generate sales between $100m and $110m in 2008.

"The group is well positioned to continue its rapid growth, in line with or faster than that of the online advertising market, due to its established brands, large market share, and focused internet media and services," said the group.

Ultima Networks said it is not aware of any specific reason for the recent movement in share price.

The company said it has been progressing a number of opportunities in the legal IT sector, though none of these would individually constitute or involve a reverse takeover, and may or may not proceed in the short term.

Germany-focussed real estate company Dawnay Day Sirius has bought a business park in Dusseldorf for €8.7m and 37,900 sq meters of vacant land adjacent to the park for €4.8m.