News

Shares in Minster Pharmaceuticals surged after the pharmaceutical group said that it is close to reaching one the most important milestones in its history. It is expected to announce in the first quarter of 2009 the results of its 500-patient Phase IIb study of tonabersat in migraine prevention.

The group said it has so far seen positive Phase II results from tonabersat in migraine with aura, including a 68% reduction in the median number of aura attacks. Minster made the announcement as it released half-year results, which saw losses rise to £3.6m from £2.3m before on nil revenue.

Pub and bar firm Regent Inns said trading has remained unchanged from it latest update in October, when it said like-for-like sales were down 13% for the 15 weeks to 12 October.

It added that its lending banks have been supportive and its banking facilities have recently been revised in order to ensure they are appropriate for our current circumstances.

Atlas Estates, the Central and Eastern European property group, posted an operating loss of €1.8m from the €29.5m operating profit in the same period last year. Revenue rose to €30m from €17.7m previously.

"The market conditions in which we are currently working are exceptional. However, the Board continually monitors both the global economic conditions and those in its target countries and will take steps to minimize any adverse impact that the downturn may have on the Company and its operations," said the group.

Designer and manufacturer of power solutions, Turbo Power Systems, has reported a loss before extraordinary items, interest, finance charges and foreign exchange of £1.71m for the third quarter, up from £1.6m in 2007, and rise to £6.18m for the nine months from £4.82m a year ago.

"The cost savings implemented earlier in the year are starting to have an effect and, coupled with further cost savings being implemented during Q4 should position the business to be able to demonstrate better results during 2009," said boss Paul Summers.

Oil and gas group Aminex said a recent successful well drilling at Alta Loma, Texas should provide the group with important new cash flow at a time of general financial stringency.

"As well as working to build up its US production revenues, Aminex has an ambitious ongoing exploration and appraisal programme in East Africa and will take all necessary steps to protect its position as a leading explorer in this very promising region," the firm, which also operates in Egypt and Tanzania, said.

Theme park queuing systems supplier Lo-Q has signed an extended agreement with US theme park operator Six Flags for its VQ2020 system. The systems is to be installed into a further two Six Flags parks, making 10 in total. The Lo-Q agreement with Six Flags has also been extended for all parks until 31 December 2012.

Lombard Medical is to shed 17 of its 105 employees as part of a cost-cutting drive while discussions over new finance or strategic alternatives continue. Lombard has sufficient funds to allow it to continue to trade into January 2009. The job losses are not expected to a material effect on the outcome for the current year but will, along with further measures, benefit the company in 2009 and beyond, it said.

North Midland Construction says the current economic climate continues to be challenging and revenue and profit will fall short of 2007, though are in line with its reduced revised forecasts. North Midland Building Limited, in particular, is being affected by the current situation and, as previously predicted; profits will fall considerably short of last year.

"The maintenance of cash flow is proving difficult in the current climate and the group is experiencing a general delay in payments, but is confident that trading within its existing banking facilities can be maintained," North Midland said, adding it has a forward order book of in excess of £70m for 2009.

Caza Oil and Gas said it will seek to postpone drilling projects in the hope of lower costs.

"We have sufficient cash resources to ensure continued drilling during this difficult economic climate, and we are well positioned to take advantage of anticipated lower drilling, producing and acreage costs," chief executive Michael Ford said.

"Therefore, we will be delaying projects where possible to benefit from the anticipated lower costs in the future."

Insurance and risk consultant Charles Taylor said current trading is in line with management's expectations and that it is "well positioned to weather the current economic storms and deliver growing shareholder value."

Shares in Phytopharm plummeted after the drug maker said Anglo Dutch consumer group Unilever is abandoning plans to develop its Hoodia appetite suppressant.

"Whilst Hoodia has not been found to be suited for a Unilever branded product, we have compiled a substantial dataset which will allow us to explore alternative product formats for the commercialisation of Hoodia," said chairman Alistair Taylor.

"We will now take further steps to build on this foundation and seek other partners to further develop Hoodia and bring this exciting opportunity to market," he added.