News

Ovoca Gold has agreed to sell its wholly owned subsidiary Ayax, which has a 100% interest in the Goltsovoye silver deposit, to Russian miner JSC Polymetal.

The firm will get $11m in cash, 7.5m Polymetal shares, worth about $2.67each, and a cash payment for other assets based on their book value.

Security holographics group API swung into the black at the half-way stage, reflecting cost reduction measures already implemented.

It posted a profit before tax on continuing operations of £4.8m after an exceptional gain of £4.1m versus a £1.4m loss last year on sales up 7% to £50.5m.

But boss Andrew Turner did warn that conditions appear likely to deteriorate further in the near term which could adversely impact volumes.

Isle of Man based long-term savings provider Hansard Global has seen assets under administration slide 12% in the second half of the year.

New business on an annual premium equivalent (APE) basis in the four months to end October was £8.4m, down 28.9% from £11.8m in the corresponding period of 2007.

"We have achieved strong new business flows at industry-leading margins and have continued to generate net positive cash flows from policyholders," said Leonardd Polonsky, chief executive of Hansard.

The company remains financially strong with no borrowings, Polonsky added.

Shares in Opsec fell back after the anti-counterfeiting technology group reported lower pre-tax profits and like-for-like turnover.

Pre-tax profits for the six months to September 30 fell to £367,000 from £859,000. While turnover climbed to £18.9m from £16.3m, it was down 4% excluding acquisitions.

Vitec, which supplies products and services to the media sector, continues to trade in line with expectations and said it looks forward to continued progress in 2008.

At 31 October, Vitec's net debt was £59.5m, compared to £50.3m at 30 June. Since the half year the group has generated free cash flow of £11.7m, offset by the cash cost of acquisitions of £9.2m, the interim dividend of £3.1m and adverse exchange rate movements on net debt of £9m.

Henderson Morley says significant interest in its Feline Herpes Virus treatment has seen it enter into discussions with 5 potential partners which may lead an early licence before completion of the current ongoing trial. "I would also like to confirm that, in respect of our Koi Herpes Virus vaccine trial, we are still on track to deliver news on this trial before the end of the calendar year," chairman Andrew Knight said.

Dawson International has signed a Heads of Agreement with Ningxia Zhongyin Cashmere regarding the possible sale of the business and assets of its Todd & Duncan cashmere yarn spinning business, subject to the satisfactory completion of due diligence. In the year ended 29th December 2007 Todd & Duncan manufactured 300 tonnes of cashmere yarn and had net operating assets of £17.5m.

Avanti Communications has been awarded a £120,000 contract by The Northern Ireland Broadband Fund to install and demonstrate satellite backhaul systems to support mobile phone base stations in under-served rural areas.

Aon has obtained antitrust, competition and regulatory approvals and consents for its takeover of Benfield. The Acquisition Effective Date is expected to be Friday 28 November 2008.

Gaming firm Sportwinbet has entered into a new agreement for Kolarmy Technology to operate a Sportswinbet branded sportsbook on a trial basis under the auspices of Kolarmy's Gaming Licence in the Philippines.

The group said it has entered into a new agreement because of Kolarmy addressing certain issues that led to the cessation of the previous trial, adding that first revenue for the company have been generated.

Industrial services firm Brammer said assuming there is no material change in current market conditions, the board anticipates trading performance for the full year will be in line with expectations.

Cubus Lux, which has established a portfolio of interests in casinos, marinas and leisure resorts in Croatia, saw pre-tax profits fall to £229,000 from £244,000 previously on turnover that rose 9%.

FFastFill, the derivatives trading software company, is planning to raise £1m in a share placing to fund its expansion in the Asia Pacific region.

Managed Support Services, which provides building services, reported a first half turnover of £16.3m and an adjusted pre-tax profit of £1.1m.

"We obviously have concerns about the economic climate but with large, surplus cash balances and proven management we would hope to be a beneficiary of any economic dislocation," said chief executive Simon Beart.

Trifast was lower after the industrial fastenings distributor said that its performance in the second half will be lower than in the first half due to slowing production schedules of clients in the automotive and consumer product sectors.

Chesnara said the effect of the market fall over the first three quarters has been an £8.2m net of tax reduction in European Embedded Value (EEV), of which £3.2m occurred in the last quarter.

"Notwithstanding this the business has, in terms of fundamentals, performed ahead of expectations and this, together with the expected return from in-force business, has produced, at the end of the third quarter, a net of tax increase of some £1.9m in the half-year reported EEV," it added.

Hill and Smith, product and services provider to the building and construction trades, is confident full year results will be in line with market expectations, despite challenging conditions in some of its markets.

The group said overall demand for its products and services has remained strong in the second half of the year.

eLearning and compliance courseware solutions provider Intellego Holdings saw losses narrow in the six months to end September on the back of a 50% increase in revenues to £1.11m.

Losses before interest, tax, depreciation and amortisation narrowed to £50,602 from £107,493 the year before.

Trading since the period end has been buoyant, with sales activity significantly ahead of the year before, although customers are continuing to take longer before making purchasing decisions.