News

Mezzanine finance specialist ACP Capital slumped into an interim loss of £13.8m as new management took a £30.4m write-down on its portfolio and terminated a leverage deal with Deutsche Bank. Net asset value per share at 30 June fell to £1.03(£1.19).

"Depending on how the PFAFF insolvency plays out, how the equity markets price the IFR Capital, GCI Management and Davenham common equity, and what shape the structured product market is in at year end, the company's year-end valuation may be further adversely affected," chairman John Chapman added.

Biomarker specialist Proteome Sciences's losses fell slightly to to £2.39m, from £2.5m on sales of £813,000 up from £199,000."Following the successful launch of TMT in June, we are delighted by the uptake and the major international marketing drive being undertaken by Thermo Fisher," chairman Christopher Pearce said.

Drug and alcohol test company Concateno has confirmed that it remains in ongoing discussions with a number of parties. The board will make further announcements as appropriate.

Ad group Adwalker has warned that the level of income generated in September was significantly lower than management expectations and it is very difficult to forecast the level of future income with any degree of accuracy. Talks are due to start with its banks and other parties to securing additional funding to meet its obligations as they fall due.

Japan-based biometrics group Secure Design KK upped losses in the half year to June from £425,000 to £1.52m, adding it needs further funding. Chairman Taketoshi Kashiwabara said that while he will continue to support the company's financing needs, further investment will be required from external investors. There is no certainty that further funding will be obtained, he added.

European oil and gas explorer Ascent Resources saw losses double in the first half of 2008 after writing off more than £2m to reflect revaluation of its portfolio of assets.

Loss before tax widened to £2.77m from £1.36m the year before.

E-commerce group ArgentVive said trading in its shares has been suspended because it is unable to publish its report and accounts for the year ended 31 March by 30 September.

"ArgentVive announced on 25 June 2008 that the board was restructuring the company in order to focus on its core businesses," said the group in a short statement. "This process is progressing well and once completed the company will then be in a position to release the report and accounts and seek for the restoration of dealings on AIM," it added.

ArgentVive said in June that some of its activities are trading below budget as deputy chairman Charles Denton withdrew his interest of making an offer for the group.

Pangea DiamondFields saw losses widen to $11.24m in the six month ended June compared with a loss of $8.21m last time and said it is planning to raise further funds.

Billam saw half year losses increase to £839,000 from a loss of £435,000 in 2007 and said it had to write off two of its investments.

Speciality pharma and healthcare company Meldex reported increased first-half pre-tax profits of £2.8m from £831,000 last time and said it has experienced solid trading since the period end.

Plethora, which is focused on the development and marketing of products for the treatment of urological disorders, posted wider first-half pre-tax losses of £7.46m compared with a loss of £4.82m in the corresponding period last year.