News

Car repair manual publisher Haynes Publishing said sales of core automotive repair manuals held up well during the first quarter despite a deterioration in market conditions.

The counter cyclical characteristics of Haynes manuals continue to underpin its revenue. In the US, sales of automotive repair manuals in local currency ended the period 10% ahead of last year, whilst in the UK, sales of automotive repair manuals ended the period ahead by 5%.

The group said in its UK general publishing division, it has experienced a "marked downturn" in trading conditions since the end of its financial year. Revenue from the division fell by 3% against the comparative period last year.

"These are without doubt the most precarious of times and clearly there remains a very high level of uncertainty as regards the potential impact of the evolving financial crisis on future trading," said the group.

Empyrean Energy said that while the Kowalik-1H well in Block B of the Sugarloaf Prospect in Texas has produced gas, the commercial significance of these shows will not be known until the well has been flow tested.

The group said the well has again continued to produce gas whilst drilling, with regular intervals producing strong flares with back pressure on the well. Gas readings regularly in excess of 2,000 units have continued to be measured, it added.

Support services firm Cape was down despite saying it is committed to further substantial reductions in its debt.

The group said net debt at 30 September, excluding restricted cash and finance leases, was £151.3m (30 June: £176.1m) and compares with committed bank facilities excluding finance leases of £200m (30 June: £220m).

The group said it is on track to reduce net debt by approximately £30m for the year to December 2008.

Strong demand for its wellhead equipment helped oil and gas engineering group Plexus report a 145% increase in pre-tax profits to £1.9m in the year to June 30 on turnover that rose 29% to £13.3m.

The previous year's profit figure excluded an £800,000 gain on an investment disposal.

Shares in Centamin Egypt jumped after it upgraded the Sukari mineral resource by 5% to 9.01m measured and indicated ounces of gold.

Medical firm Intercytex appoints Max Herrmann as chief financial officer with effect from 19 September 2008.

Scanning software specialist Kofax said Daniel Lender, who was named as the new chief financial officer earlier in the month, will now not take up the post due to personal circumstances.