News

Push button controls group Dewhurst reported a 21% rise in full year pre-tax profit, but said that customers are now beginning to report significant falls in their orders, which will affect the group's first quarter.

Pre-tax profit increased to £4.7m in the year ended 30 September compared with £3.9m last year, while sales grew 16% to £36.3m. The group said demand was considerably stronger in the second half of the year bolstered by some major projects in the UK and Australia.

Customer wins with firms such as car giant Ford and the brewer and pub group Greene King helped Cybit, a provider of equipment that helps companies monitor their vehicles, post sharp rises in turnover and profits.

In the year to September 30, revenues rose by 37% to £12.3m as pre-tax profits climbed 39% to £855,000.

Redknee Solutions managed to narrow its losses as the communications software provider benefited from increased mobile phone use in Africa, the Middle East and Asia Pacific.

In the second half of 2008, Redknee, which provides services such as mobile top-ups saw pre-tax losses fall to $2.7m from $7.2m as revenue climbed to $18.8m from $12m.

Nutraceutical specialist Provexis reduced losses to £766,000 from £791,000 in the half year to September. Cash at the period end was £2.223m. "Our Fruitflow collaborations with Coca-Cola and Unilever continue to progress and commercial negotiations with global companies interested in licensing the technology for other formats are moving forward positively," chief executive Stephen Moon said.

Insurers on the ongoing insurance claim for the underground blow-out at Indago Petroleum's Al Jariya well on the Jebel Hafit have approved two interim payments worth $16m, with Indago's share $8m. The amount approved to date represents just over two-thirds of the claim relating to the well-control costs, Indago added.

Antenna technology specialist Sarantel trimmed losses by 20% to £4.67m despite sales falling to £1.86m (2007: £2.02m) in the year to September. "Our order book continues to hold up and although we remain cautious in the face of the current market conditions, we are encouraged by the level of design activity for our antenna technology, particularly for the high-value market," said chief executive David Wither.

Oil and gas engineering services firm Plexus said it is aware of the current difficulties in the world economy but its order book remains strong and is confident 2009 will see further progress.

It expects more contract wins as its POS-GRIP Technology continues to gain exposure and recognition in both the rental exploration and key production wellhead markets.

Unforeseen problems in Zambia has meant miner Triple Plate Junction having to replace a double-deck vibrating screen and until this new screen is integrated, the Zambian operation is unlikely to be able to generate positive cash flow. As a result TPJ has significantly cut back on the exploration budgets in both Vietnam and Papua New Guinea. It is also now in advanced discussions in regard to investment in its Papua New Guinea interests.

Shares in Biocompatibles International rallied on news that the first stroke patient treated with its stem cell therapy product has shown no side effects following surgery.

The patient was treated as part of a twenty patient Phase I/II clinical trial. If successful, a larger, international trial will be designed with a view to securing a product licence in the 2012-15 time-frame.