News

Flat-panel loudspeaker technology business NXT said sales and licensee in standalone audio products are likely to be below its expectations.

"Over the last two months sales and licensee shipments in stand-alone audio products have been disappointing and are likely to fall significantly below our expectations at the time of our statement in February," it said.

The group added that it is reviewing its short-term capital requirements as well as ongoing cost structure.

"Given the reduced level of short term revenue generated by stand-alone audio products, the board is considering all strategic alternatives to protect and build shareholder value," it added.

Galleon Holdings has agreed to licence its patented IP, EPIX, to Pepsi Mexico, though it did not disclose the value of the licensing fee due to competitive reasons.

EPIX, is a technology that uses plastic density to create a photo-realistic image within a flat object when held up to the light. The initial trial permits the manufacturing of 50m units.

The group said the deal, which carries no cost to Galleon, could have a wider significance in that if it proves popular it could have global potential across the Pepsi territories.

Teleset Networks, the Russian fixed-line telecoms operator, said today that trading in the new year has been encouraging so far, helped by strong demand in its core market.

"We are also benefiting from buoyant demand for internet and data services as broadband penetration continues its rapid rise," said chairman Philippos Vatiliotis.

Construction services company May Gurney today said pre-tax profit, before flotation costs and property transactions, for its first year on AIM rose by 27%.

Pre-tax profit increased to £14.9m for the year ended 31 March compared to £11.7m previously on revenues up by 11% to £406m.

"We have made significant progress during our first year as a public company, reporting record turnover and profits for the eighth year in succession, strong cash flow and an order book which exceeds £1bn," said chief executive David Sterry.

The final dividend comes to 2.1p per share, giving a total for the year of 3p.

Electronic components distributor Abacus Group reported a 66% hike in pre-tax profit, helped by acquisitions, but added that current trading is unlikely to meet expectations.

Pre-tax profits, before exceptional items and amortisation of intangibles, rose to £6.8m for the six month ended 31 March up from £4.1m last year. Sales increased by 41% to £148.6m, helped by the acquisitions of Deltron and Axess.

"It is unlikely that current trading trends will allow progress to be in line with its previous expectations of growth in the second half," the group said.

The interim dividend comes in flat at 3.6p per share.

Mobile data solutions company Vianet narrowed pre-tax losses and said that existing cash resources will be sufficient to take the group to cash break even towards the end of the year.

Annual pre-tax profits came to £1.73m compared to £2.32m one year ago. Turnover was down slightly at £576,984 from £679,746 previously.

"We have improving visibility within our forward order book and currently expect that the existing cash resources will be sufficient to take the group to cash break even towards the end of the year," said chairman Ian Orrock.