News

Managed services provider Business Systems Group said despite making a loss for the half-year, it has made progress in replacing lost contractual revenues.

The group said it is replacing revenues especially in the Managed Services arena, which is key to the group's plan to re-build profitability.

It plunged into losses of £405,000 in the six months to September compared with a £490,000 profit in the same period last year on turnover of £16.1m compared with £18.8m last year.

It had warned previously that it would fall into loss this financial year due to the non renewal of a major contract.

Engineer Chamberlin and Hill said underlying profit in the second half will exceed first half figures and expects the improving trend be sustained into next year.

Underlying pre-tax profit for the half-year fell to £523k from £1.14m on revenue that fell to £19m compared with £21.1m previously.

The group had warned at the EGM in October that results will fall short of the levels achieved in the last two years.

Oil explorer Victoria Oil & Gas said it has continued the good work from last year, increasing its reserve and resource base and commencing oil production.

Turnover for the year came in at £133,000 compared with nil last year, while pre-tax losses narrowed to £1.14m versus £1.24m previously.

Online electronic trading platform business FFastFill saw interim revenues rise 21% to £2.75m with EBITDA loss reduced by 45% to £680,000. "We have a strong order book underpinning the second half of the year's financial performance," it added.

Irish financial services group IFG said it is in advanced discussions that may lead to the acquisition of a specialist corporate services company for a £10.5m including earn-out.

The acquisition, if completed, will be funded from the group's existing resources and by the placing of 3.2m shares.

Ennstone said it had made progress in the first half of the year in the face of challenging market conditions but warned the second half will be more challenging.

It also announced the acquisition of the business and assets of May Gurney Surfacing, a downstream surfacing contractor based in Norfolk, for £475,000.

Broadcast television equipment provider Avesco turned in interim profits of £900,000 compared with the loss of £800,000 this time last year on turnover that increased 27% to 36.8m.