News

Personal bankruptcy advisor Cleardebt is upbeat about the coming year despite losses rising to £700,000 from £660,000 in the 12 months to June. Revenue rose to £1.87m from £420,000.

"We believe we have now turned the corner. With the number of IVAs and DMPs growing, good pipelines, and the current economic conditions suggesting a constant flow of new enquiries to our website, we have every reason to believe that we will continue to be busy," the firm said.

Property group CLS says the downward pressure on valuations across the key markets means new properties are beginning to appear on the market at very attractive yields. CLS will make acquisitions where the properties fit its strict investment criteria and good potential for future value growth is evident.

Debt levels have fallen further to £544m and cash at bank has increased to £188m at 30 September. Following the re-financing of the Munich portfolio during October cash balances are now above £200m, CLS added.

Clyde Process Solutions has been awarded a £1.4m order by one of the world's leading providers of household, health and personal care products to provide a series of pneumatic conveying and dust collection solutions.

Hi-tech toolmaker Oxford Instruments upped underlying profits by 44% to £2.6m in the half -year to September. Revenues rose by 19% to £92.8m. Pre-tax profits fell to £1.3m from £2.3m. The interim dividend is held at 2.4p.

"The benefits of our recent acquisitions and new product introductions together with the weakness of sterling are likely to have a positive effect during the remainder of this financial year. These factors underpin the board's continued confidence in delivering a full year performance that is in line with its expectations," Oxford said.

Cannabis-based medicine group GW Pharmaceuticals more than doubled turnover for the year ended 30 September and narrowed losses by 22% to £8.2m.

Turnover jumped to £11.8m from £5.7m in 2007 thanks to revenue growth from its alliance with Otsuka and increased sales of pain-relieving mouth spray Sativex. The firm has cash and short term deposits of £14.1m.

"We have a large number of key newsflow events expected in 2009 and look forward to updating shareholders with news of our progress," said chairman Geoffrey Guy.

Direct marketing firm Tangent Communications saw profit halve during the first half due to the company's exposure to the beleaguered property sector.

Profit before tax fell to £507,000 from £1.22m in 2007 on revenue up 1% to £8.84m, although revenue outside the property sector rose 26%.

Leeds based property group Town Centre Securities is progressing in line with expectations, but has warned that conditions in the property sector are "extremely challenging".

It is nearing the end of its current refurbishment programme and will not begin any further development work until it is confident that the environment for property investment has "materially changed".

"The threat of more business failures is constant and we are increasingly concerned about the potential burden of empty rates," said chairman Edward Ziff. "Having watched the government support the banking sector, I hope that they move to ease the impact of empty rates on the property industry before it is too late."

Software company Macro 4 said it continues to see increased competition, reduced customer spending and elongated sales cycles, but confirmed that new business revenue during the period is in line with the expectations.

"The group's balance sheet remains solid and following strong cost control and tight cash management, the cash balance at the end of October 2008 was well ahead of the same date last year," said the firm.

Cancer drug developer Antisoma said it is finishing 2008 in a strong position, with 'significant' cash resources and a maturing portfolio of cancer drug candidates.

"We believe that, with a number of products now in late-stage development, we are primed to make the transition from being a development company to being a company that both develops and commercialises novel cancer drugs," said the group.

Sutton Harbour reported a sharp drop in half year pre-tax profits to £505,000 from £2.18m in what it called an "exceptionally difficult" environment.

"We have experienced an exceptionally difficult general economic environment: the problems in the UK banking system and global capital markets; and, virtual paralysis in the commercial and residential property sectors have impacted the economy to the extent we now face the possibility of a serious recession together with the attendant pressures on Government finances, currency and bond markets," said chairman Michael Knight.

"In spite of these conditions I am pleased that we have been able to generate a profit in the period under review," he added.

Broadband satellite operator Avanti Communications has been awarded a framework contract by Adit North, an HM government central purchasing body, for the provision of broadband and disaster recovery services to government organisations. The value of the project is estimated by Adit North at up to £1m.

Office developer Development Securities said the value of its portfolio 'must be falling', but that it had positioned itself defensively and hopes to selectively target opportunities arising from the market turmoil.

India-based animation group DQE has been selected to help produce 'The Large Family' a children's series to be shown on the UK channel Cbeebies.

Oil explorer Rockhopper reported widened half year losses and said it is still in talks over possible farm-outs. The group has incurred a loss for the six month period to 30 September of $1.18m compared with $725,000 as administrative expenses rose by $302,000 to $1.06m.

Public relations and healthcare communications group Huntsworth said it is confident 2008 margins and earnings per share will be in line with expectations, though it conceded that some budgeted projects in the last quarter of 2008 will be pushed in to 2009.

"After a broad ranging consultation process with clients, 70% of 2009 revenues are now committed. This visibility enables us to manage our costs, thus confirming our expectation that our 2009 margins will be similar to those in 2008," the company said.

Recruitment firm Spring Group is taking steps to reduce its cost base, despite seeing further growth in headline revenues, net fee income and operating profit in the third quarter of this year.

In its general staffing business the company now expects recently opened offices to move into profit in the next financial year, rather than the current one.

"With our strong balance sheet and with traditionally 80% of our business from contract revenues, we believe that Spring is well positioned to weather the current uncertainty.," said Peter Searle, chief executive officer.