News

Shares in Photo-Me plummeted after the troubled digital photography group warned that it is unlikely to make a pre-tax profit in the year to end April.

The group also announced that it will not resume its share buy-back programme pending determination of its future operational strategy.

Revenue and pre-tax profit at the end of the third quarter were behind the board's expectations, it added.

Photo-Me plans to announce this strategy and future dividend policy during the summer.

Shares in property group Oak Holdings advanced after it announced a memorandum of understanding to develop an ice hockey arena for the Sheffield Steelers.

The arena will be situated in Oak's £350m YES! leisure and convention centre, with the Steelers set to relocate there in 2011.

Oak Holdings agreed terms with Rotherham Metropolitan Borough Council for a 250 year lease on the £350m centre last month. The centre is in Rotherham, on the south-eastern outskirts of Sheffield.

Biodiesel producer D1 Oils said imports of heavily subsidised biodiesel from the US, called B99, have eroded margins to such a point that it has "no choice but to consider how to reduce operating costs."

It announced that as part of its ongoing review in its downstream refining and trading operations, at both Middlesbrough and Bromborough, it has began a consultation process with employees at both sites.

"We are taking this action in order to manage the business proactively in a difficult market," it said.

NextGen plans to raise £1.5m via a placing of 500m shares at 0.3p each with an existing shareholder of the company.

The group said it will use the proceeds to provide development funding and general working capital. The placing shares are being subscribed for by the Family Trust Select, which will hold 40.84% on completion.