News

Technical contract staff recruiter Morson said it continued to build on the strong performance achieved during 2007 and is trading in line with current market expectations.

Ocean Power Technologies saw full-year revenues increase 89% to $4.8m, though losses increased to $14.7m, compared to a net loss of $9.6m in the prior year. "OPT continued to make good progress during fiscal year 2008, as evidenced by our strong revenue growth mainly due to projects in Hawaii, Spain and Scotland," it said.

Cash shell Amberley Group has informed the market that it has a £150,000 loan facility in place with a company that is a member of the property and financial services group Dawnay, Day Group.

Amberley has not been told of any intention to withdraw this facility, but give the speculation concerning Dawnay's current status the board is seeking clarification from Dawnay. Press speculation over the weekend suggested Dawnay, Day was about to appoint administrators to carry out an emergency review of several of its businesses.

Oxford-based systems biology company Physiomics has signed another agreement with global pharmaceuticals company Eli Lilly, to carry out two new projects for in silico simulations in the field of oncology.

The deal follows the completion earlier this year of another project carried out by Physiomics for Eli Lilly. Financial details of the new agreement were not disclosed.

Shares in Matra Petroleum fell by more than a fifth after the Russia and Central Europe-focused oil producer abandoned its Pamuk 1 ST well in Hungary due to a lack of oil and gas there.

"The top of the structure was encountered as expected and there were oil and gas shows," managing director Peter Hind said. "It's probable, however, that the structure has been breached and only residual hydrocarbons remain."

Shares in software supplier Formjet slipped back after it said it still expects to be loss-making in the first half of 2008.

The company said it had decreased losses on higher turnover, adding that the improvement was likely to be sustained into the second half despite current market conditions.

It said it was increasing partnerships with non IT partners such as supermarkets, including selling its EdAlive 'edutainment' software at Tesco. "We are continuing to drive the business forward on all fronts and look forward to building on this momentum in the second half," chairman Lyndon Chapman said.

NordAnglia reports significant progress in both International Schools and Learning Services divisions, with increased occupancy rates at the International Schools and increasing contract wins within the Learning Services Division. Trading has continued in line with the board's expectations. NordAnglia recently agreed a bid of 460p from Baring Asia Private Equity.

Floor leveller Somero's progress towards the revised revenue and earnings targets set following the Group's trading statement on 15 May 2008 has continued well. Net debt has reduced by $2m during the first half of 2008.

Northern Petroleum has sold its entire interests in the Waalwijk underground gas storage projects to Star Energy for a consideration of up to £10m. The Group's oil and gas interests within the Waalwijk licence area remain unaffected by this transaction.

Renewable Energy Generation has received planning approval for its wind project of approximately 4MW at Loscar near Rotherham, South Yorkshire. It gained significant majority support from the planning committee members, having been recommended for approval by the planning officer.

Motion capture experts OMG have appointed David Deacon as finance director following the resignation of Peter Wharton to pursue other interests.

Deacon, who joins the board with immediate effect, has been chief number cruncher at Internet content software specialist Mediasurface since September 2002.

Sheffield United, the diversified football company, has sold the 'the Thames Club, a health and fitness club, to a company funded by the Downing Protected VCTs. Sheffield United acquired the business in March 2006, the assets sold were valued in the books at £3.8m and the sale has generated a gross profit of £0.7m..