News

Currency investment manager Record said assets under management and client numbers improved in the second quarter of 2008.

Assets under management grew to $56.2bn from $55.7bn, with client numbers rising to 147 from 141.

"We are encouraged by the recent performance of the Absolute Return investment process and by the apparent return to the long term low correlation between currency and equity returns," said chairman and chief executive officer, Neil Record.

The company said the unusually high correlation between currency and equity returns in the latter half of 2007 - a correlation that was out of step with Record's trading strategy - has not been so pronounced this year.

Optical fibre-based lasers developer SPI Lasers said trading in the first half of its financial year has been strong, with good progress made in account acquisition and repeat business for its pulsed laser products. "Notwithstanding the current economic climate, the board looks forward to a good result in 2008," the company said.

Mortgage network specialist Network Data has warned that the housing slump has badly affected its business and results this year will be below expectations. Declining transaction levels will be reflected in the half-year results. Network adds it has been reducing its cost base since last September and this program has been accelerated throughout 2008.

Ahead of its AGM, Protherics chief executive Andrew Heath said "We made good progress in the first quarter of our financial year 2008/9, with trading in line with expectations and with the start of the Angiotensin Therapeutic Vaccine phase 2a study in hypertension. We look forward to receiving important results in the near term for both ATV and CytoFab, our two key value drivers, which we believe will demonstrate the value in our diversified pipeline."

Stem cell storage group Cryo-Save has acquired Cryo-Save Balcanica of Athens, for an initial consideration of €4.1m payable in cash. The acquisition is expected to be earnings enhancing with immediate effect. The acquisition has been effected by the purchase of the remaining 50% of the shares in Cryo-Save Balcanica, which the Group did not already own.

Cambridge Mineral's loss for 2007 was £646,000 (2006: loss of £797,000). "The company's South American assets have continued to develop. Our strategies for gold and silver production are on course in South America against a background of strong metal prices", it said, adding that the Quintana Mine in Colombia expected to commence production in Q4 2008 at a rate of 15,200 ozs of gold and 6,000 ozs of silver per annum.

Catalytic Solutions says that addition to the Honda Accord, it has also begun supplying catalysts for the 2009 model year Acura TSX.

Tarquin Resources says the Phase 1 metallurgical test programme report on Puquios in Northern Chile indicated an orebody with high copper recovery and low acid consumption. The Phase II test programme commenced in May and is designed to confirm the results of the previous testwork. Preliminary results of this programme are largely as expected.

Vitamins distributor Neutrahealth's underlying interim profits fell from £654,000 to £95,000 in the half-year to June on sales of £8.8m, down from £9.8m, though the figures were confused by the sale of the Brunel OTC medicines business.

"NeutraHealth now dominates two of the key sales channels in the UK market, and we have the facilities and management in place to achieve significant growth in profitability in the next 18 months," it said.

Kewill has continued to make good progress since it announced full-year results last month, in line with expectations, and said it is confident in the outlook for the full year and beyond.

"The board is mindful of macro economic conditions, in particular in the US, however we have not yet seen any material impact on our pipelines, which remain very healthy, and support our expectations of growth over the next financial year," said the group.

Canadian based miner Kirkland Lake Gold narrowed full-year losses to C$3.35m from C$8.38m a year earlier on revenues up to C$41.44m from C$36.66m.

Gold production for the coming fiscal year is expected to be in the range of 58,000 to 62,000 ounces, the group added.

Mobile phone services company Win said it will miss market forecasts for the year. "While the results for the second half of 2008 are expected to be substantially ahead of the first half, market forecasts for the year as a whole exceed the board's current estimate of the most likely outcome for the year," it said.

Shares in AEC Education were restored after the group posted its full year results. AEC posted pre-tax profit of £220,000 versus a loss of £271,000 in the same period last year on revenue that increased 74% to £2.7m.