News

Medical devices firm ClearStream Technologies expects a 'significant' increase in sales in the second half of the year, thanks to new products and improved distribution.

The group also announced that it has agreed to increase its borrowing facility with Bank of Scotland by €350,000 to meet its working capital requirement.

In addition, chief executive Andrew Jones, non-executive chairman Mike Love and director of operations Pauline Oakes have agreed to loan the company €25,000, €25,000 and €10,000, respectively.

Irish media group UTV reported a 5% rise in full year operating profit and said the start to the new year has been encouraging.

Operating profit, including associate income and before exceptional charges rose to £26m in the year to 31 December from £24.8m last time after charging radio start up losses of £2.4m. Group revenue is up 2% at £115.6m.

"UTV's trading performance for the early part of 2008 is encouraging and our outlook for the year is cautiously optimistic given the current market uncertainty," said chief executive John McCann.

Small investment bank Arbuthnot Latham reported a 39% fall in full-year pre-tax profit and said it expects 2008 to be 'challenging'.

Pre-tax profit fell to £8.6m in the year ended 31 December from £14.1m, though profit before tax and exceptionals increased by 13%. Operating income rose 18% to £68.8m.

"The group will continue to review carefully the efficiency of its businesses and will contain costs at an appropriate level in response to the business environment," said chief executive and chairman Henry Angest. "Whilst income for the first two months in Arbuthnot Securities is lower than the corresponding period in 2007, the corporate pipeline is in line with this time last year," he added.

Software solutions group Brady posted flat pre-tax profits following reorganisation and investment spend. It said positive market conditions outlined in the last interim results remain as expected.

Pre-tax profit came in at £639,000 compared with £638,000 last year on sales that rose 23% to £5.7m. The dividend was raised to 1.10p per share from 1p before.

"The board re-affirms that due to the long lead times associated with Trinity implementations and the group's revenue recognition policy, the group anticipates that there will be limited opportunity to recognise significant new licence revenues until the second half of 2008," it said.

X-ray imaging firm Image Scan expects to be close to its targets for the first half and will start the second half with a bank balance of around £1.3m and a confirmed order book of over £0.5m.

"Meeting targets in the second half of the year will be dependent on early completion of the Chinese negotiations or obtaining further orders for the TPXi. Industrial sales, whilst budgeted at modest levels, will also need to be met," it said.

The group added that it has received positive commercial endorsement of its technology, including an increase in the take-up of TPXi sales.

Oil explorer Timan said a court in Moscow has dismissed an appeal by the Russian Federal Subsoil Agency to deny it an exploration licence over the Zapadno-Vodnenskoye area.

"We are very pleased with this new ruling and fully expect to be issued with the license in the near future," Timan CEO Alexander Kapalin said.

Pharmaceutical firm Futura Medical saw pre-tax losses increase to £2.4m from £1.9m last time on revenue that increased to £15,000 from £301 before.

"We expect 2008 to be another exciting year for Futura with the initial focus being on gaining regulatory approval for the Durex(R) branded condom CSD500 and the subsequent launch programme by SSL," said the group.