News

Buildings and engineering group Alumasc said first quarter revenue and profits are both ahead of "prior period comparators" as it benefits from further growth in demand for sustainable building products.

First quarter revenue in the Building Products division, representing almost 70% of group revenue, grew by 8%, or 6% on a like-for-like basis.

The growth was driven by a 12% like-for-like increase in revenue from sustainable building products. "Whilst contraction in UK house building activity dampened overall growth rates, this sector now accounts for less than 7% of group revenue," said the group, adding that management action has been taken to reduce costs in areas where demand has fallen.

"Alumasc's order books and balance sheet remain strong, placing the group in a good position to deal with the current economic uncertainties," it added.

PlayWize, the software developer for the gaming industry that had its shares suspended from trading on AIM in July, said it has ceased all trading operations and made all of its employees redundant. The group blamed "very disappointing" trading results and the substantial losses incurred as a result.

PlayWize is now seeking shareholder approval for the sale of the proprietary software technology and other assets owned by the group and its subsidiaries in order to raise sufficient funds to pay creditors.

Jeweller Theo Fennell said the company will not make a profit in the first half of the year, although it continues to be confident of making a small profit for the full year.

The group also said it has received an approach from a party interested in making a "significant investment in the business" by investing through the subscription of new equity in the company.

"Trading this year began satisfactorily but is being increasingly impacted by the current recession and collapse in the financial markets which has affected consumer confidence." it said.
Shares in TT Electronics plummeted after the car component maker said it expects 2008 results to be materially below market expectations. "Whilst we anticipate that trading in the electronic manufacturing services and secure power and industrial businesses will remain in line with expectations, trading conditions for the automotive-related businesses within the rest of the group are expected to remain very difficult for the rest of 2008," said the group.

Derivatives software supplier First Derivatives said its recently acquired US subsidiary, Market Resource Partners, secured contracts worth around $4.4m for managing and executing marketing programs from two of the world's largest US based technology companies.

Heavy equipment hire specialist VP has bought Brighton-based tool hire and sales firm Power Tool Supplies Limited for £1.1m in cash. PTS generated revenues of £2.3m in the year ended 31 March 2008 and reported profit before tax of £400,000.

Avon Rubber says its Cadillac Michigan facility generated a satisfactory profit in the final quarter following the substantial resolution of production issues and cost overruns.

"With orders of $25m on hand for delivery and with further US Government funding of $42.6m approved in 2009 for this 10 year programme, we expect this improved performance to continue," Avon said, though it added problems at Avon-ISI, which sells primarily to fire services in the US has, means its value may need to be written-down while Avon also expects an increase in provisions associated with discontinued operations.

Carnegie Minerals is to raise £150,000 through a placing of 60m shares at 0.25p each. Carnergie, which had its joint venture operations in The Gambia expropriated by the Ghanaian government, also intends to sell its West African Projects and change its name to Beacon Hill Resources.

Oil field technology group Corac has signed a Joint Development Agreement with Centrilift, a Baker Hughes company. The JDA is established to fulfil the requirements of the Joint Industry Programme field trials announced on 9 June 2008, where Corac's first Downhole Gas Compressor unit will be deployed by Eni SpA in Italy.