News

Shares in Conroy Diamonds and Gold gained 24% after it reported indicated resources of 440,000 ounces at its Clontibret project in Ireland.

Using a revised cut-off grade of 0.75 gram a ton rather than the previous 1 gram a ton, this brings the inferred resources at the project to 1.03m ounces. Conroy said that the lower cut-off threshold it used is in line that used by other similar companies.

"The directors believe that this is the first gold resource of over 1m ounces to be reported in Ireland or the UK," Conroy said.

Even if the previous 1 g/t cut-off is used, the new total of inferred and indicated resources is up by 70% from the previous estimate, the company said.

"We are very pleased to have achieved our initial target of over 1 million ounces of gold in only 20 per cent of the Clontibret target with an increase in Indicated Resources to over 400,000 ounces," chairman Professor Richard Conroy said.

"The revised cut-off grade brings us in line with our peer group and gives the company a sound basis for pre-feasibility studies."
Shares in Kiotech, which makes additives for aquaculture feeds, fell back after it said the weak dollar and higher raw material prices were making market conditions "significantly tougher." In an AGM statement, chairman Richard Rose said: "'Trading in the current year started well, maintaining the momentum of the previous year, although market conditions have now become significantly tougher."

Business software group Axon has acquired SCM Solutions, a provider of specialist supply chain SAP consulting services in North America.The initial consideration is US$8m (£4m), payable in cash, which is approximately 0.7 times 2007 revenues of US$12m. In addition, deferred cash consideration payments of US$6m (£3m) will be paid over the course of the next 2 years based on future business performance.

Insurance consultant Charles Taylor says trading is still on track, with the company's operations relatively unaffected by current uncertain global conditions. A consolidation of its properties will mean off-costs this year of £0.5m for dilapidations, asset write-offs of £0.2m and other one-off property related costs of £0.4m.

Semiconductor wafer specialist IQE says its New Jersey facility has taken orders that lift its total order book to a record high of over US $20m, deliverable within the next 12 months.

Fit-out specialist Interior Services' expects to show "another year of substantial progress for the year ended 30 June 2008." Going forward, the group is optimistic about large project work but cautious about the prospects for smaller commercial fit out. The year-end order book was worth £1bn (June 2007: £0.8bn), of which over £700m relates to the financial year ending June 2009.

Clarity Commerce Solutions has sold the trade and some fixed assets of its Romulus Enterprises Limited business consultancy for a cash consideration of £497,000. Clarity also retains the cash benefit of contracts paid in advance of £130,000 and will receive 25% of any increase over the initial consideration if it is sold again within 18 months.Romulus reported turnover of £1.75m and a loss of £22,000 in the year to March 2007.

AIM-listed training group Xpertise Group said trading in the first half of this year remained strong, with revenues topping £11.8m, up 11% on the first half of last year.

The group added that it remains comfortable with market expectations for the full year.

The balance sheet remains in good health, with net cash balances of more than £3m.

Specialist pensions consultancy Mattioli Woods said earnings for the year ended 31 May are in line with market expectations. Total funds under trusteeship have increased from £818.8m last year to £1.5bn at 31 May.

"Against the backdrop of unsettled markets, our performance over the last 12 months has demonstrated the resilience of our fee-based revenue model and long-term approach to investment planning," said the group.

Cineworld said it has performed as expected during the first half of 2008 and said the outlook for the remainder of the year is encouraging.

The group said the comparables will be challenging in the third quarter due to the high number of blockbusters released in 2007, although it expects there will be a strong recovery in the fourth quarter.