News

Fruit distributor Fyffes said it delivered strong organic revenue growth and a satisfactory operating profit in 2007 despite a challenging environment.

Group revenue for the year rose to €553.4m from €407.7m in the same period last year, though pre-tax profit dropped to €13.2m from €19.1m before.

"The significant cost inflation experienced by the industry last year is expected to increase further in 2008. Notwithstanding this, Fyffes is targeting a mid-single digit percentage increase in adjusted EBIT for 2008, excluding the anticipated positive impact of its recent entry into the US winter melon market," said the group.

Rail infrastructure group Jarvis generated a head of steam after it negotiated a £6.5m tax rebate for corporation tax paid as far back as the year 2000. The repayment, which is still subject to finalisation by HMRC, is expected to be received in full by the end of February 2008.

Shares in Omega rose after it confirmed that it was in discussion with a number of parties that have expressed an interest in acquiring the firm

Property services firm Erinaceous said Nigel Turnbull has resigned as chairman with immediate effect and Lord Razzall, a non-executive Director, has been appointed in his place.

"Mr Turnbull has agreed that he will continue to make his services available to the board during its ongoing strategic review, put in place to look at the optimal way to reduce the Group's unsustainable debt levels," said the group.

The group added that bankers have again confirmed they remain supportive of the board's strategy and review process.

Buildings and engineering products supplier Alumasc saw pre-tax profit rise 45% to £5.2m on revenue that increased 26% to £59.9m. Interim dividend increased 4.8% to 3.25p per share.

Technology firm Bateman Engineering said chief financial officer Jonathan Ben-Cnaan will resign on 31st March 2008.

Volga Gas said drill stem testing in both the Bobrikovsky and Evlano-Livensky horizons in Russia confirmed commercial production rates, though drilling and coring is taking longer than previously planned. First production from this field is expected by the end of 2008.

"We are delighted with the results of drilling on the Evlano-Livenskiy horizon. Even before encountering the gas-water contact, these have significantly exceeded our expectations," said chief executive Mikhail Ivanov.