News

Financial services and online spread betting firm London Capital reported a 52% jump in first half pre-tax profit to £5.43m on turnover up 54% to £12.51m.

"While we are mindful of the economic climate we continue to be encouraged by current trading conditions," said chief executive Frank Chapman.

The interim dividend rose to 2.50p per share compared with 1.25p in 2007.

Shares in Quadrise Fuels advanced after the emulsion fuel producer said progress on its commercial demonstration project with the Lithuanian refinery AB Mazeikiu Nafta and AB Lietuvos Elektrine, the Lithuanian power company, is proceeding as planned.

Highcroft Investment swung to a pre-tax loss of £4.02m in the six month ended 30 June compared with a profit of £1.65m last time and said that the outlook for the rest of the financial year and 2009 continues to look difficult. Net assets per share are down to 736p from 847p the same time last year.

Video surveillance operator Visual Defence lost a fifth of its value Thursday as it warned that the rest of 2008 will be impacted by project delays by three key customers from 2008 to 2009.

In a trading update for the six months to 30 June, it said it expects full year revenue of C$22m and operating earnings below previous expectations.

There was a big cheer at oil and gas producer Pan Andean Resources after it said drilling will start at the Vieman No.1 well on its Danbury Dome leases, onshore Texas, within 30 days.

Things have gone a bit fuzzy at IndigoVision today as sales growth slowed to an estimated 28% in the second half from 48% in the first six months.

The CCTV systems group predicts a 37% hike in turnover for the year ended 31 July 2008 to £18.4m and said full year operating profit is expected to be broadly in line with market expectations at around three times the previous year's level.

Shares in Sinclair Pharma rallied after the specialty pharmaceutical firm said it is in talks with a party about a strategic opportunity for the company and it has also received a preliminary enquiry, from another party, which may or may not lead to an offer being made for the company.

The current discussions are at a preliminary stage and there is no certainty that any offer will be forthcoming, the group said, adding that shareholders are advised to take no action at this stage.

Independent Resources has conditionally raised £6.91m from a placing of 7.3m shares at 95p each. It will spend £2m of the £6.67 m net amount on work and development of its storage project at Rivara in Italy.

Another £3.5m will go on the Fiume Bruna coalbed methane (CBM) project in northern Italy and £1.17m will be used for general working capital purposes.