News

Energy products group Freeplay Energy performed in-line with management expectations in 2007 and said it remains encouraged by its progress.

"Against a backdrop of decreased consumer spending in our key markets of the US and the UK, we are encouraged that our products have continued to sell well," said chairman Rory Stear.

"The board views India as a significant creator of value for the group in 2008 and beyond and remains very excited about the opportunities for the company in this region," he added.

Technology commercialisation firm Angle confirmed that it has received an approach which may or may not lead to an offer being made for the company.

"The board of Angle, which is being advised by Collins Stewart Europe, will evaluate the approach on its merits and update shareholders accordingly and also wishes to stress that there can be no certainty that this approach will lead to an offer being made for the company," the group said in a short statement.

X-ray imaging group Image Scan saw full year pre-tax losses increase to £824,000 compared with £507,000 last year. Sales rose marginally to £1.54m from £1.42m before.

The group said compared to the first half, revenue disappointed in the second period. Revenue arose mainly from contracts with British Nuclear Group and Johnson Matthey.

"The drive to make Image Scan a customer focused business will be the board's main priority and this should produce improving results over the coming months," it added.

Clean energy group ITM Power said pre tax loss for the half year increased from £1.42m to £1.91m. The group said the figure was in line with budget and reflected the increased level of development activity that had taken place in 2007.

Ceramic materials maker Surface Transforms saw half-year pre-tax losses narrow to £213,000 compared with the £292,000 loss last year. Turnover increased to £205,000 from £116,000 before.

Drug developer Summit, formerly called Vastox, has seen full year revenue treble to £3m from £1m. "Summit anticipates that the coming year will prove to be a transforming period for the business. Progress will continue to be made in all our drug programmes whilst we simultaneously seek to sign attractive licensing deals from within our pipeline," chief executive Steven Lee said.

Italian restaurant group Carluccio's saw turnover grow 18% in eth 16 weeks to 13 January, with trading said to be firm over Christmas and in line with expectations since the holiday period.

Environmentally friendly plastics producer Plantic Technologies fell after managing director and chief executive Grant Dow resigned. Finance boss and COO Brendan Morris is standing in.

Engineer Rotork has bought Remote Controls Sweden, a designer and manufacturer of valve actuators, for £13m in cash, with around £2m of that deferred and payable over the next 13 months.

Miner Albidon said the main ore zone at the Munali nickel project in Zambia has been intercepted in the underground development two months ahead of schedule. The forecast date for first ore into the mill has been brought forward to mid-April.

Oil and gas explorer Gulf Keystone improved on news that drilling on the HBH-4 appraisal well in Algeria has been completed and the well tested. It achieved a stabilised flow rate of 12,800 cubic meters per hour.

Upstream Marketing and Communications has secured new retainer assignments from clients in Asia's fast-growing consumer, technology, financial and telecom sectors, helping shares in the full service marketing and corporate communications network climb.