News

Oil firm Bowleven said it has completed logging activities on the IF-1r exploration well, encountering a "potentially significant" light oil column in the uppermost Isongo formation.

"The pressure gradient indicates an oil column of at least 200 feet, representing the first oil column encountered on the Etinde permit," said the group.

The group said a detailed analysis of the well data, including test information, will be required to evaluate the significance of this accumulation.

CCTV equipment maker Petards said discussions concerning the various options outlined in June are progressing and it expects to be in a position to make proposals to shareholders in September.

Last month, the group said discussions over a potential offer still continued but added the best way to maximise shareholder value will be to refinance the business through the injection of fresh equity.

The group, which had its shares suspended for not releasing its final results in time, said it continues to work to publish its financial results for the year ended 31 December 2007.

It added that trading continues t remain in line with expectations.

Tepnel Life Sciences saw earnings before interest, taxes, depreciation and amortization rally 118% to £1.9m in the 6 month period ended 30 June, while revenue increased to £11.8m from £8.8m

"We believe Tepnel is very well positioned for future growth bolstered by a growing menu of novel molecular diagnostic products and demand for our advanced pharmaceutical outsourcing services," said chief executive Ben Matzilevich.

Invocas said it expects both its formal and informal personal debt solutions will increase significantly in second half and 2009.

"Invocas' broadening service range, increasing numbers of revenue opportunities and the weakening macro economic environment leads us to expect demand for both our formal and informal personal debt solutions and our corporate insolvency services to increase significantly during the second half of 2008 and into 2009," it said.

Printing retailer Printing.com said it is not wholly immune to the effects of the economic cycle and therefore must be "somewhat cautious" in its outlook for the shorter term.

Since the last update, the group said trading has continued at a level midway between its internal budget and the figure recorded for the equivalent period last year.

"With the vast majority of Printing.com orders being used for promotional purposes, it is not surprising that in the present economic downturn, trading conditions are more difficult than in recent years. However, the fact that the company is still trading above last year's level, albeit from an increased number of outlets, reflects our belief in the strength of the Printing.com offering," said the group.

Publishing and events outfit Tarsus saw like for like pre-tax profit grow by a third to £1.6m in the six months to 30 June on turnover up 28% to £14.5m.

"Like-for-like contracted revenues are at 78% (2007: 74%) of our internal projections for the full year and bookings for our large 2009 biennial exhibitions are in advance of previous years," it said. The dividend rises a third to 2p a share.

Bangladeshi pharmaceutical firm Beximco said it has recovered from the banking-related issues it faced throughout 2007 and during the first quarter of 2008. Pre-tax profit for the half year fell 25.7% to TK201.1m (Bangladeshi tekka).

Tile and flooring retailer Topps Tiles said trading conditions in the first 17 weeks of the new financial year remain challenging, with overall revenue declining by 2.7% and like-for-like revenue declining 7.7%.