News

Retinal testing specialist Optos expects full year revenue to rise by between 16%-17% to $100.5-$101.5m.

"Tightened economic conditions lowered discretionary consumer spending and lengthened sales cycles which impacted on our top line growth in the latter part of the fourth quarter, but overall the business performed well over the course of the full year," said chief executive Thomas Butts.

"We have delivered double digit growth in sales and installations in our existing markets, successfully entered into new markets and launched two new retinal imaging platforms," he added.

Shares in Forbidden Technologies fell sharply after cost cutting measures prevented the video streaming technology company from lifting revenues.

Turnover in the six months to June 30 slipped to £31,000 from £33,000 over the same period a year ago as the company reduced expenditure in areas such as PR and exhibitions. Forbidden Technology said it was now relying more on word of mouth recommendations by customers.

The cost control measures helped reduce pre-tax losses to £202,000 from £362,000.

Film intellectual property rights group Handmade reported wider losses despite a rise in revenues as administrative expenses increased.

Pre-tax losses in the year to December 31 totalled £2.98m compared with £1.75m over the same period a year. Revenues climbed to £1.93m from £1.87m.

Handmade said a rise in administrative expenses to £3.55m from £1.80m was expected because it was the first full year of trading for the enlarged group.

It said it had generated $50m of future sales revenue at the Cannes film festival in 2007, which will deliver in excess of $5m profit to the group.

Shares in Proactis plunged after the provider of software to help companies control their spending fell into pre-tax losses of £500,000 in the year to July 31 compared with profits of £1.1m the previous year.

The swing to losses, which was caused by higher administrative expenses, came even as revenue climbed 23% to £6.6m.

Oil and gas explorer Falkland Oil and Gas has welcomed the decision this morning by investors in the RAB Special Situations Fund to approve a three year freeze on client redemptions.

The company said the announcement of the vote outcome ends a period of uncertainty regarding the interest in Falkland Oil and Gas (FOGL) of RAB, which has been a long and supportive shareholder of FOGL.

Intellectual property exploitation specialist Ipso Ventrues said the FalconML, an electronic design automation tool, has successfully finished a trial by a major electronics company.

The tool has been developed by Axilica, a company in which Ipso has invested. The completion of the trial paves the way for the product to be launched to the wider market in December of this year.

Shares in Balkans-focused broadcasting and content creation group Apace Media fell back after the company said it expects to post a loss in the second half of 2008, due to programming investment in Bulgaria.

The prediction comes even as the company posted pre-tax profits of £460,000 in the six months to June 30 compared with losses of £589,000 over the same period a year ago.

Shares in internet advertising technology company Phorm fell heavily after its losses in the six months to June 30 $25.6m widened to from $16.4m the previous year.

The company which does not have any revenues yet said it is entering a critical period as it goes through the transition from development to the deployment and operational phase.

Highams Systems saw full-year pre-tax losses widen and announced a £650,000 placing to allow the further development of both its business and brand. The group also said that Dave Pye will be resigning as chief executive as will Ted Andrews, the current chief operating officer.

Executive search firm Garner lost a third of its value Tuesday as pre-tax profit plunged to just £29,000 in the first half from £312,744 a year ago on revenue down 24% to £1.26m.

Volatile markets have helped WorldSpreads Group in the six months since the end of March, leaving the spread betting outfit confident of meeting or beating full year targets.

It said the recent ban on short selling financial shares is not expected to have a material effect on profits.

Underlying operating profit was in line with expectations at renewable fuels firm GTL during the first six months, but "soft industry margins" are seen resulting in negative underlying pre-tax profit. It also lost $4m hedging corn positions.

Mavinwood fell again today after interim profit before tax slumped to £0.9m from £2.9m in 2007 on revenue up to £36m from £29.5m. Its emergency repair business has suffered as insurance companies cut costs during the market turmoil.

The group warned last week that the loss of a significant contract in its emergency repair division would mean 2008 profits missing forecasts. No pick up is expected in the fourth quarter, so underlying profit before tax for the year is set to be less than last year's £7.3m.

Adjusted pre-tax profit rose by £800,000 at TV programme producer Shed Media in the first half of 2008 to £3.8m. The firm responsible for shows such as 'Who Do You Think You Are?' saw acquisitions boost revenue to £34.2m from £19.1m previously.

Peninsular Gold has finished building its new 1.1 million tonnes per annum Carbon-In-Leach plant and started commissioning at its Raub gold project in Pahang, Malaysia.