News

CustomVis, which makes lasers for corrective eye surgery, has announced the sale of two units of its flagship Pulzar Z1 Solid State Laser in India.

"These sales are indicative of the growing demand for laser vision correction systems in India, of the recent improvements in the laser's performance and of our position and ability to close deals within this geographical area," chief executive Paul van Saarloos said.

Phaunos Timber Fund, a closed-ended investment company established to invest in timber related assets, has announced the purchase of 2,100 hectares of land in the Brazilian state of Mato Grosso to grow teak trees. It did not disclose the price paid.

"Brazil has become one of the most sought after destinations for timber investments in recent years, offering an array of competitive advantages that includes favourable climate, superior growth and yield and sizeable domestic and export markets," Cliedson Rangel of Phaunos' investment manager Fourwinds Capital said.

Shares in Newfound plummeted after the group said its subsidiary, Humber Valley Resort Corporation (HVRC), has filed for protection against creditors under the Canadian Companies Creditors Arrangement Act.

A review of operations at the Humber Valley Resort by finance director Stephen Bentley concluded that the resort is not economically viable and that to continue under its current structure would result in a prolonged drain on the group's resources.

"Filing for protection under the CCAA allows the group to steer the business through a restructuring process whilst a satisfactory compromise with creditors is sought and would not require the group to provide further cash funding to HVRC," Newfound said. The group added that the projects at St. Kitts and Nevis are unaffected and that the board remains excited about the prospects.

Satellite operator Avanti Communications has signed a broadband distribution agreement with Poland's TTComm. The partnership will focus on pursuing rural broadband projects funded by the European Commission as well as other corporate business.

Business communications provider NetServices warned that sales cycles are lengthening and contracts are taking longer to convert due to difficult economic conditions, increasing the uncertainty surrounding the timing of new business revenues.

Nexus Management, the AIM quoted provider of specialist IT managed services, has been awarded a new three year contract with RED Development valued at about £300,000.

Components distributor Solid State cut its full-year dividend by 1p to 2p a share after slow trading in the components market resulted hit sales. Pre-tax profits in the year to March 31 fell to £424,000 from £556,000 as revenues slipped to £10.7m from £12.4m.

However, the company, which is based at Paddock Wood in Kent, said the new financial year had started strongly in contrast with a very quiet period a year ago.

Advertising tracking specialist Thomson Intermedia is on track for the year to date after making further progress and trading in line with expectations.

"Interim results for the six months to 31 October 2008 will be announced in January 2009 and will reflect the significant planned investment made on a number of projects in the first half of the year where the benefit is expected to be reflected in the second half," said non-executive chairman Michael Higgins.

Horizonte Minerals has confirmed a "significant" new laterite nickel discovery at its Lontra project in northern Brazil.

The exploration and development company focused on Peru and Brazil said results from the first 18 holes of a 60 hole drilling programme revealed 1.55% nickel over 7.9 metres, 1.58% nickel over 11.5 metres and 1.21% nickel over 11.8 metres.

Meridian Petroleum's Orion 36 well in Michigan set two new gas production records in August, but a shut down during Hurricane 'Gustav' is expected to affect output figures at the East Lake Verret Field (ELV) in Louisiana.

But chairman Stephen Gutteridge said: "Together with the 500,000 boe of untapped proven reserves in ELV, we are anticipating adding material new production in the next 6 to 9 months."

Drug and alcohol tester Concateno moved into the black in the first half as the benefits of last year's merger with Cozart last year came through. Profits for the half came in at £654,000 compared with a loss of £895,000. Sales jumped from £9.4m to £23.3m. The group, which received a bid approach in July, says it is still reviewing its options.

Akers Biosciences posted its first ever net profit in the six months to June as sales of its alcohol breathalyzer units and diagnostic kits gathered pace. Revenues jumped by 61% to $3.43m from $2.1m with a net profit of $251,000 compared with a loss of $807,000. Revenues continue to be dominated by sales of alcohol breathalyzer units and the PIFA® Heparin/Platelet Factor 4 Rapid Assay (PIFA® HPF4) device, Akers said. The company was debt-free at the end of the half.

Specialist legal and professional underwriter Abbey Protection upped interim profits by 13% to £3.9m (2007: £3.4m). Revenue rose by 8% to £14.5m (2007: £13.4m). Reinsurance subsidiary, Ibex Reinsurance, also did well with an incurred claims ratio for the period of 68.1% (2007: 72.3%).

"Although not immune to the economic downturn, the group is trading in line with expectations and believes its strong emphasis on risk management and high service levels will help mitigate any potential downsides of increasing claims and competitor activity," Abbey said. The interim dividend is 1.5p.

3D software specialist DDD trimmed losses in the first half as sales picked up in line with growth in the 3D market overall. DDD posted a loss of £609,000, from £754,000, on sales of £354,000 up from £91,000. "Recent activity by standards bodies towards establishing standards for the delivery of 3D content to the home indicates that the 3D market will continue to develop at a meaningful pace over the coming months," the group added.

Investment company Western Selection saw net asset value per share slump to 58p at the end of June from a year earlier, with almost half of the decline due to the collapse in share price of Creston plc, one of its strategic investments. The interim dividend has been increased to 2.6p from 2.55p.

Evolutec is still actively seeking a single investment opportunity and had £5.8m in the kitty at 30 June 2008. It is looking for a single investment, probably a technology or healthcare business in the UK or Europe.

Drug and alcohol test company Concateno saw revenue increased 14% to £23.3m with pre-tax profits at £700,000 versus the £1.2m loss in the previous year.

Zenergy, which develops applications for superconductive materials, saw pre-tax losses increase for the year to €2.59m from €1.85m before, despite revenue surging to €1m from €94,000 before.

Following the commercial launch of the first of its energy efficient HTS products in 2007, it has secured a second commercial order for an HTS induction heater for copper heating, it said.