News

Oil and gas group Indago Petroleum said progress on the Al Jariya-1 well has been slower than planned but added that it has the potential to transform the company.

Pre-tax profit for the six months, came in at $294m compared with a loss of £456,000 in the same period last year thanks to a $306m earned from the disposal of subsidiaries.

Special dividend of 60p per share was achieved partly through the cancellation of the share premium account.

Ladies intimate apparel group Intimas said it expects to report a small loss for the year as first half results were hit by the difficult trading environment, poor weather and impact of higher interest rates.

"We expect some improvement in trading during the second half, but still expect the group to report a small loss for this period and, consequently, for the year as a whole," said the group

Pre-tax losses for the half year came in at £2.21m, which included a £700,000 stock write-down, against a profit of £156,000 in the same period last year. Group sales fell 17% to 6.97m.

Eleksen, which makes fabric devices for personal electrical products, said the first six months has been a busy and challenging time for the group.

Turnover for period fell to £581,000 versus £1.8m previously, while pre-tax losses increased to £3.2m from £2.2m before.

The group said keyboard take up has been slower than anticipated.

"We are currently reviewing possible sources of additional funding and with strengthened sales resources, comprehensive and targeted marketing programmes together with a firm control of costs, Eleksen looks forward to the opportunities that this market offers," it said.

Software tools firm Vicorp said it reduced first-half pre-tax losses by 30% and added that it expects full-year results to remain ahead of expectations.

Loss before tax reduced to £745,466 for the half-year to £1.1m on revenue up 99% to £566,328.

"The first half of 2007 has been a successful period for the group and we believe this trend will continue through to the end of the year and beyond," said chief executive Brendan Treacy.

"We are rated by independent market analysts as the number one tools vendor and this, coupled with a favourable economic climate within our industry, leads us to view the future with confidence," he added.

Shares in API plunged by almost 50% after the packaging and security products supplier warned that its current UK banking facility limits will be breached in November 2007 due to a cash flow shortfall related to its UK business.

"The board is reviewing a number of options to resolve this issue including an indication of financial support from one of its largest shareholders," said the group in a short statement.

Leather garments firm EXC said it will be difficult for the group to show a profit for the whole year. Although the group is not certain at this stage, it believes it will be difficult to generate sufficient profits in the second half of 2007.

For the six months to June, pre-tax losses widened to £664,000 from £181,000 previously on revenue that slumped to £896,000 from £4.6m before.

Pentagon Protection said it has been awarded a contract worth $433,000 to supply and install its FT800 blast mitigation film and Elite(TM) Edge Retention Anchoring Profile for the Armed Forces in Iraq.

The contract is due to be completed before the end of November 2007.

Primary healthcare facilities provider Primary Health said it has agreed to buy a new medical centre in Loudwater, High Wycombe, for about £1.6m.

The building has an anticipated rent roll of some £96,000 per year and will be let for occupation by a GP Practice.

Minera was lower on news that a pre-feasibility study on the Jaguelito Project in San Juan Province, Argentina, concluded that the project is not viable with the currently defined resource base.

Coastal Energy said it has completed successful drilling and testing at its Phu Horm-10 well located in Thailand.

Shares in Pine Ventures, which used to be known as CheekyMoon, slumped as its pre-tax losses widened to £144,000 in the first half from £64,000 previously.