News

Industrial chain maker Renold is in discussions to acquire a 75% interest in the industrial chain business in India.

The group is looking to acquire the stake in L.G. Balakrishnan & Bros. Ltd. The remaining 25% interest in the business will be retained by LGB, a public company listed on the stock exchanges in India.

Renold also said it will announce its results on June, which it expects will be ahead of the market's expectations.

Mining and exploration firm Hambledon said 2008 promises to be as productive as 2007.

"The main thrust at Sekisovskoye is to maintain the existing operations on a secure and stable footing and to complete the study of, and start, the underground mining operations," it said. Pre-tax losses for the year increased to £4.3m from £680,000 loss last year.

Gas explorer Serica has completed testing in the final Kambuna well. The Kambuna-4 production well produced gas at a stabilised rate of approximately 2,900 barrels per day.

The total maximum stabilised gas rate from the three wells, which includes Kambuna-2 and Kambuna-3, was 114mmscfd together with an estimated 8,000bpd of condensate.

"We have now finished the completion and testing of all three Kambuna production wells and have achieved a combined stabilised gas rate of 114 mmscfd, which is considerably higher than we had expected, exceeding our initial sales gas target of 50 mmscfd by a significant margin," said Serico CEO Paul Ellis.

Shares in human resources software and services group OneClickHR rose after it said property group Savills is to use its HR.net technology across its operations.

"We are delighted that Savills has chosen OneClickHR's HR.net solution to service its HR requirements," Frank Beechinor said.

"This latest contract win is one of many recent or anticipated signings that is truly establishing our reputation as the preferred HR solutions provider across most sectors both in the UK and increasingly globally."

Share in Trafficmaster advanced after the satnav supplier said it will appoint Tim Coleman as finance director.

Coleman, who was most recently UK finance director at Northgate, will join the board when he takes up his appointment and discussions are underway to finalise these arrangements, the group said.

Trafficmaster also announced that it has secured an extended contract to provide the Volkswagen Group UK with its RDS TMC (Radio Data System - Traffic Message Channel) service until 2011.

Norseman Gold has received a demand from the Western Australian authorities for gold royalties of A$895,000 allegedly owing from 2006. Central Norseman Gold, the subsidiary involved, will be vigorously challenging the adding, said Norseman, adding that it considers that it is indemnified against the claim by warranties given by the vendor, Croesus.

Shares in Meriden Group were suspended this morning as the company has been unable to complete a reverse takeover, though the group said it is in detailed negotiations regarding a potential reverse takeover.

The group said it is currently in the process of undertaking due diligence.

Logistics group Interbulk fell back as it warned market volatility, especially in Europe, would mean lower than expected growth in the current year. "While our revenue growth and profitability will continue to improve in the next 6 months, recent market trends indicate that the speed of growth is likely to be lower than our plans.

In addition, we expect our interest costs to be slightly higher," it said. Interim losses came in at £1.6m, up from £1.52m. Sales were £121.7m up 11%. Before one-offs and amortisation profits rose to £1.78m from £759,000.

Vocational training group Melorio upped first half earnings by 5% better than expected as it got the benefit of recent acquisition Construction Learning World. Underlying profits for the period October to March rose to £2.74m on revenues of £7.83m. Pre-tax profits were £1.73m.

"Trading since the period end has been strong and in line with our expectations. Visibility of revenue and profitability for the current financial year is good with a strong pipeline of learners from both existing and new employer relationships."

Cash shell Pine Ventures has been suspended after failing to find a suitable acquisition target. The company is looking to acquire another software company in the UK, Europe or North America and is in in discussions with various parties which may or may not lead to a successful acquisition. "We continue to actively negotiate with various parties and anticipate making an announcement before trading in the shares is cancelled," chairman Lord Beaverbrook said.

Russian oilfield services specialist Integra has acquired NKRS, the largest well workover company in Khanty-Mansyisk Autonomous Okrug. Integra acquired NKRS and its related subsidiaries for a 50/50 cash and share consideration of US$54m, including the assumption of US$1.8m of debt.

Pawnbroker H&T Group said its non executive chairman Peter Middleton plans to tender his resignation in September 2008. He will be succeeded by Peter McNamara, currently non executive director.

Burst Media chief financial officer Susan Villare intends to leave the online advertising company later this month "to pursue another opportunity". A trading update is due on 24 July.