News

Electrical goods maker Alba narrowed losses for the year to £9.2m from the loss of £22.3m last year despite challenging conditions. Revenue came in at £115.9m from £111.9m before.

The group said difficult market conditions have remained in the new financial year. "Returning the Group's ongoing businesses to an acceptable level of profitability in the current economic climate will not be easy. Nevertheless, we are fully committed to the successful implementation of our restructuring plan and remain confident that shareholders will see the benefits of the far reaching changes we have made to the way we run our business over the coming years," it said.

Given the continuing difficult trading and banking environment, the Board has decided not to declare a final dividend. It means total dividends for the year has fallen to 2.25p from 11p in 2007.

State supervisory body Zapkaznedra has given oil and gas tiddler Caspian Holdings the OK to restart production at the 120 barrel a day Zhengeldy project in Kazakhstan.

AIM listed Caspian suspended production and exports in February as it waited for work programme approval.

Struggling plant-based cleaning and laundry products group Biocare Solutions has asked for its shares to be suspended ahead of news it has secured additional funding.

Bosses, who deferred their salaries in March to cut costs, said talks regarding an equity fundraising are at an advanced stage and should be agreed in the next few days. It also expects final results to be published during the first two weeks of July.

Central China Goldfields's loss before tax rose to £1.99m in 2007 from £1.17m. The group has changed tack since the year end with the sale of its Snow Mountain project. It is now focused on its Nimu and Dong Mao Huo prospects.

Greenland-focused explorer Angus & Ross has raised £3.5m to fund the re-opening of the Black Angel Mine in Western Greenland. The firm placed 70.6m at price of 5p. The funds will also be used to repay the short term loan of $1.65m due in August 2008 from Cyrus Capital.

Publisher Bloomsbury said its operating performance since the start of the year has been encouraging and is in line with expectations, helped by the popularity of the books of Khaled Hosseini.

"Company acquisitions are very much at the forefront of the group's growth strategy," said chief executive Nigel Newton. "We have a strong balance sheet which puts us in a good position to take advantage of opportunities as they arise," he added.

Shares in Airsprung Furniture plummeted after the group warned that sales for the first quarter will be significantly down on 2008, with falls in volumes and average selling prices.

Sales and profits for the first half-year are also likely to be well down on the previous year's comparable period. For the year as a whole, sales will be dependent on the restoration of disposable incomes, consumer confidence and housing activity.

"Every effort is being made by our management teams to secure price increases, but gross margins will remain under pressure," the group said.

Corvus Capital swung to a loss of £24.6m in the six months ended 31 March compared to a profit of £7.3m last time, mainly due to the mark-to-market valuation of the company's investment in Commoditrade, in which Corvus has a 22.57% holding.

Medical supply company International Medical Devices has had its shares suspended with immediate effect pending clarification of its financial position.

"The company is presently discussing its position with its bank and, furthermore, is exploring various financing options and will update shareholders in due course," it said.

Meanwhile, international rights and film group Handmade has also had its shares suspended as it cannot publish its final results on time.