News

Payments service provider Datacash's growth in both revenue and transaction volumes and trading remains in-line with the expectations.

"The board is pleased with progress in the first half of 2008." it said. The group cash as at 30 June stood at £19m, which it said keeps it in a good position to take advantage of opportunities as they arise.

Shares in Highams Systems Services fell heavily after the IT recruitment consultancy said it was conducting a review of all aspects of its operations amid difficult trading conditions.

While the company expects to see major investments from the first half of the year start to make an impact in the second half, it added that, "market conditions have become more challenging and we are seeing some delays in permanent hirings. The outlook for the sector remains difficult."

Building and engineering products group Alumasc performed in line with expectations in the year to June and is well-placed to cope with rising metal and energy costs, it said.

While its larger building products division entered the new financial year with record order books, engineering products will show around £2.75m in write downs from overstatement of inventories, compared with previous estimates of £2m to £2.5m.

Financial services software provider Rubicon Software expects results for the year ended 30 June to be in line with market expectations despite the impact of the extreme downturn in the second charge loans market.

"The year ahead will be challenging, but the directors believe that, with a number of new opportunities in the pipeline, the business is now well placed to move forward, despite the current adverse conditions," said the group.

Outsourcing IT firm Netstore has won a £5m contract extension with the London Borough of Hackney for a further six years.

Loss-making blood volume monitoring company Deltex expects sales in the first half of 2008 to exceed £2.4m, compared with £1.9m in the first half of 2007. The company has achieved 10 consecutive quarters of growth in global probe sales, with quarterly sales exceeding £1m for the first time ever in the second quarter of 2008.

"Deltex Medical has increased the momentum driving growth in the UK and international markets and made substantial progress in positioning its US operations for significant and sustainable growth," said Deltex's chairman, Nigel Keen.

The proposed rights issue by automotive components firm Wagon has run into further delays, as the company tries to finalise the underwriting details. The underwriters of the right issue have agreed to extend by three days the date by which the Underwriting Agreement requires Admission to have occurred to 8am on 11 July 2008.

Ambulance and fire services specialist Assetco's trading performance in the first quarter has met expectations, it told shareholders at its AGM. "We have made considerable investment in pursuing new long term contracts both in the UK and in the Middle East which, if successful, would be reflected in FY10's results," it added.

London & Associated Properties has signed a new £74m joint venture with the Bank of Scotland Corporate to acquire retail investments across the UK where the initial yield is set to be above the cost of capital.

The new joint venture, called Analytical Ventures Limited, follows last September's conclusion of LAP's previous partnership with Bank of Scotland Corporate. The new joint venture has an initial life of five years and all cash and debt has been pre-committed.