News

Avis Europe announced that Pascal Bazin will become the car rental firm's new chief executive, adding that the group's expectations for full-year underlying pre-tax profit have improved somewhat.

Bazin, who is currently managing director and president of Avis France, will succeed Murray Hennessy on 1 January.

Investors cheered news from struggling photographic retailer Jessops that like for like sales in the three weeks to 9 December have been positive, while full-year losses are in line with expectations.

"The Christmas period is hugely important to the business," said chief executive David Adams. "Whilst trading conditions remain tough, we are well prepared with good stock availability and the key period is still to come."

News of Scotty's increased pre-tax losses were offset by the video equipment group's upbeat outlook.

"Our order book and quotation banks are both at an all-time high and the board is extremely encouraged by the prospects that lie ahead," said the group.

Pre-tax losses rose to £5.9m in the year to 31 July compared to a loss of £3.9 last time on turnover down to £5.92m from £6.44m last time.

Samuel Heath & Sons saw pre-tax profits plunge to £393,000 in the six month to 30 September and said full-year results are likely to be considerably down on the previous one.

"It is difficult to imagine a worldwide situation giving us much less hope for improvement," said chairman Sam Heath.

"The price of brass continues at a very high level, the pound is strong against the dollar, and consumer and trade spending is subdued in most markets," he added.

Oxford BioMedica has initiated a Phase I/II trial of ProSavin, its gene-based treatment for Parkinson's disease.

"If ProSavin's safety and efficacy profile is replicated in humans, then the product could represent a fundamentally new approach for the treatment of Parkinson's disease and could significantly expand the worldwide market for existing therapies, which is estimated to be approximately $3bn," said chief executive Alan Kingsman.