News

Aim listed soy sauce to animal feeds producer China Food Company posted a decline in pre-tax profit as raw material and distribution costs rose.

Pre-tax profit fell to £3.5m for the period ended 30 June 2008 from just under £3.7m the year before. Sales for the year rose to £16.2m from £10.9m previously.

"Our condiments business remains strong despite the inflationary environment," the group said. The group's animal feeds business also performed strongly.

Chairman John McLean said, "Opportunities over the next few years for China Food's business are considerable," as it rolls out an expansion programme.

Mobile phone repairer and retailer Regenersis returned to full year profit and sees good growth in the second half of financial year 2009 and beyond.

The group, which provides services to the consumer and commercial technology markets, said pre-tax profit came in at £3.9m for the full year to end June compared with a loss of £10.7m the year before. Revenues increased to £105m from £96.1m.

Regenersis added it expects group sales in the first half of the current financial year to be similar to those achieved in the second half of year 2008.

Media company Galleon, which provides remarketing and recycling of consumer and commercial-based technology products, said it has signed a strategic partnership with US-based content provider Dragonfruit Studios.

"Dragonfruit has licensed the exploitation rights to Galleon's entertainment properties, Super Soccer Star and Apollo's Pad. Under the terms of the deal Dragonfruit will pay an initial fee of US $1million and royalties on future earnings," said Galleon in a company statement.

China-focused equity finance house SovGEM has reported a profit before tax of £213,849 for the first half of 2008 versus a £283,309 loss this time last year.

"Despite the recent market volatility which has impacted on our share price, we remain confident of our investment strategy," said boss and co-founder Hugh de Lusignan. Net asset value dropped to 28.8p a share from 33p a year ago.

E-learning courses developer ThirdForce slipped into the red at the half way stage, posting a pre-tax loss of €904,000 versus a profit of €553,000 last time due to currency effects and the MindLeaders acquiistion. Revenue rose 50% to €13.5m.