News

Mining firm Avocet Mining posted pre-tax profits that nearly doubled for the half-year and announced the appointment of a new finance director.

The group said pre-tax profits for the six-months to September rose 94% to $8.5m compared with $4.4m in the same period last year. Turnover rose 28% to $54m.

The group also announced the appointment of Mike Norris as the new chief financial officer, to start in February 2007. In July the group announced that Jonathan Henry, previous finance director, had taken over as chief executive officer.

"Our project pipeline and development plans in Malaysia and Indonesia provide Avocet with excellent growth prospects in the short to medium term both in terms of reserve additions and production," said chairman Nigel McNair.

Finsbury Foods said United Central Bakeries, which was closed down because of a fire on October 31, will be at least 70% operational by the end of November.

The group added it has received official confirmation that the insurers will take full liability for the cost of replacing lost assets and provide compensation for costs associated with the business interruptions.

Stocks and shares website ADVFN said final-year turnover rose 35% to £4.5m though it incurred losses of £964,000 versus profits of £1m previously mainly due to increased administrative spend.

Medical diagnostics firm Ferraris said turnover for the year to August increased by 9.3% to £14.1m, while operating profit, before goodwill and exceptional costs, increased 37% to £2.2m.

Software providers to the leisure industry Gladstone said full-year pre-tax profit before amortisation rose 62% to £1.37m on turnover that was almost flat at £8.64m versus £8.41m previously.

Lottery operator New Media Lottery Services said it has signed an exclusive non-transferable software licence with US-based Las Vegas Gaming Inc.