News

Islamic Bank of Britain said it has continued to show steady growth in customer numbers, deposits and financing despite adverse market conditions. The operating loss for the half year was reduced by 21% to £3.1m compared to the same period last year, thanks to an increase in operating income of 22% to £2.6m and a 6% reduction in operating expenses to £5.7m.

Fitted kitchen group Waterline blamed the weaker pound, rising fuel costs and fierce competition for a slip into the red. It suffered a £45,710 full year loss versus a £906,625 profit in 2007. Revenue rose 1.5% to £85m.

Trading remains "robust" at IT services group Maxima, with order intake up more than 50% on a year ago and is in line with full year forecasts. "Maxima's financial position also remains robust with good cash flows and net debt reducing in line with the board's expectations," it said today.

Australian oil explorer Roc Oil has started drilling the MAW-1 appraisal well at the Cabinda South Block, Onshore Angola in which it has a 60% interest. It's the first appraisal well in relation to the Massambala heavy oil discovery.

Marketing services firm Cagney has warned that the second half may be less profitable than the first as the interim figures were boosted by two significant items of revenue unlikely to be repeated in the next six months. It reported a pre-tax profit of £133,000 for the six months ended 30 June versus a £436,000 loss a year ago.

Insurance group Lancashire Holdings does not have any holdings in investment bank Lehman Brothers, financial services group Washington Mutual or insurance giant AIG, the company announced today.

It added that it has no exposure to Fannie Mae and Freddie Mac, the mortgage finance groups that have been nationalised by the US government."Lancashire has always maintained a conservative investment strategy," the company said. "The current financial market turmoil highlights the benefits of such an approach."

Oil and gas firm Energy XXI has shut down production at fields accounting for about 7% of its production after they were damaged by Hurricane Ike.

London-based small cap stock market Plus says it remains on course to create "PLUS-Europe", a market offering quote-driven trading in small and mid-caps and full coverage of AIM securities. The launch is expected before 2008 with legal steps taken to protect its right to compete with London Stock Exchange, Plus added. Losses for the six months to June rose to £2.4m from £802,000, with revenues down slightly to £1.6m.

Jamed Barder, chief executive erectile dysfunction treatment group Futura Medical said it is "on the threshold of obtaining EU marketing approval for CSD500, with the subsequent commercial launch of the product as a Durex® branded condom by SSL". Losses for the six months to June fell slightly to £1.1m.

The board of Danka has proposed a voluntary winding up of what's left of the former photocopier distributor. "In light of the provisions of the company's Articles of Association, the amount of the net cash held by the company and the steps which may be taken under applicable law by the holders of the Participating Shares, ... a members' voluntary liquidation represents the only realistic prospect of holders of ordinary shares obtaining a return from the company's net cash," the statement said.

Oil and gas producer Pan Andean said drilling has started at its number one well on its Danbury Dome leases in Texas.

A consortium of North American companies will work on the drilling. Pan Andean will have a 20% free carry after pay-out following commercial discovery. The company will also participate for an additional 15%, taking Pan Andean's net interest to 31.25% if the well contains viable reserves.