News

Overall trading at escrow software provider NCC continues to be in line with the firm's expectations, but a small fall in delivered software escrow verifications hurt the shares.

General economic uncertainty resulted in deferral of orders at the software escrow verifications business, but NCC expects the shortfall to be recovered by the year end.

Broker Charles Stanley thought the statement was mixed. Lower sector ratings and forecast risk prompted a downgrade to 'add' from 'buy' with price target cut by 40p to 410p.

Oil explorer Nautical Petroleum is confident about the future, having still got the £20m raised from a share placing a year ago at an equivalent of 210p a share.

It lost £4.5m in the year ended 30 June 2008, out from £863,000 the year before, but boss Steve Jenkins says reserves and resources, production and revenues are now firmly in sight.

Oxeco plunged by a third after the technology and science investor saw interim losses soar to £105,000 from £3,000 a year ago.

Bosses said they are continuing to evaluate "a range of new commercial and acquisition opportunities which they believe fulfil the company's original objectives of investing in the technology and science sectors."

An increase in pre-tax profit to £38.5m from just £1.7m in 2007 couldn't prevent shares in technology, resources and financial services investor ORA Capital falling back today.

"All of the principal trading companies within our business portfolio are well capitalised and making good progress on executing their respective business plans," said executive chairman Richard Griffiths. "I, therefore, remain confident that ORA can make considerable further progress through these difficult times in turbulent financial markets."

Technical textiles group Low & Bonar expects trading for 2008 to be broadly in line with market expectations.

"Macroeconomic trends have clearly softened since the summer period and some of our business segments, whilst being resilient, have not been immune," it said. There have been reductions in some raw material prices in the fourth quarter, it added.

IFA Jelf says revenues have been strong for the year to September but more challenging market conditions have had an impact on margins, though profits are still expected to grow by approximately 40% year-on-year.

Smart card group ID Data Group has put core business unit ID Data Limited into administration. The group wants to focus on a sale of ID Data Limited. A number of international companies have expressed an interest and also in the Cardbase subsidiary. The appointment of an administrator will help the disposal, ID Data added. Its shares remain suspended.

Elixir Petroelum's Number One well at the Pompano field re-development program has recently experienced declining production rates. To rectify this problem a workover is proposed to attempt to restore production from this well to pre-decline levels of approximately 5 - 7m cubic feet per day.

Local Radio Company said that according third quarter 2008 RAJAR results it now has 721,000 listeners per week, down from 745,000 in the previous quarter. Total listening hours in the quarter were 6.06m, compared to 6.29m in the second quarter of 2008.

Online gaming group Webis said increased marketing for its betinternet.com site helped it lift revenues in the year to May 25 and that first quarter trading was ahead of expectations.

Revenues climbed to £117,000 from £87,000, but losses widened to £347,000 from £26,000.