News

AT Communications gained more than a third of its value Monday on news of multi-million pound contract wins and unsolicited potential interest in a subsidiary of the group.

The business communications outfit said its ATC Solutions and Servassure divisions had bagged a deal with Carpetright and another with BT for electrical retailer Comet.

Support services firm to the energy sector Hargreaves Services headed higher after chairman Tim Ross said current trading and orders books remain strong across all divisions.

"The group's strategy of forward selling its production to minimise exposure to short term fluctuations in commodity prices," he said in his AGM statement. "The board remains confident of achieving expectations for the full year."

Last year's strong performance at Intelek has continued into the current financial year, with further growth in sales and order intake, said the electronic components firm today.

Its microwave components business won orders on phased array radar systems during the six months ended 30 September, while order intake at the aerostructures unit was "significantly" above the previous half year.

Shares in US-focused hydrocarbon firm Nighthawk Energy surged Monday after an upbeat operations update on its 50% owned Jolly Ranch Group project.

Results from the drilling of the Craig 7-34 and Craig 15-32 wells at the Jolly Ranch Group project in Colorado, "establish Jolly Ranch as a significant new oil and natural gas field," the company said.

IT services provider Phoenix IT has managed to rescue a deal with a banking unit which had subsequently been sold to another bank since the contract was first announced.

The business continuity/disaster recovery services contract announced on September 15 has been renegotiated, with Phoenix agreeing to provide a reduced number of dedicated work-stations for a minimum period of 30 months.

The fee, payable annually in advance, is in the region of £3.4m per annum. The first payment is due by 21 November 2008.

Though the amended contract calls for a lower number of disaster recovery seats to be provided, the company has received enquiries from customers interested in taking up the vacated seats.