News

Property fund manager Safeland swung to a pre-tax loss of £977,000 in the year ended 31 March after property write-downs of £1.46m but said it looks to the future with confidence.

The loss compares with a restated pre-tax profit of £3.2m last year. Revenue rose slightly to £23.57m from £21.47m previously.

"Conditions continue to be difficult. However, we have the support of our bankers and our professionals and I therefore look to the future with confidence," said chairman Raymond Lipman.

Support services specialist Cape has won a $20m three year maintenance contract, ending in 2011, with the Bahrain Petroleum Company (BAPCO) for the provision of integrated/bundled services. Cape says it is the first fully integrated services contract by public tender awarded by BAPCO for the provision of access, thermal insulation, asbestos management, refractory and fireproofing services.

Cape has also secured its first contract for the provision of a heat exchanger overhaul, again with BAPCO.

Multi-channel retailer Wallgate, formerly Hitchens Group, saw interim revenue surge to £3.6m versus £952,000 in the same period last year though pre-tax losses increased to £998,000 from £654,000.

For the seven-week period from 13 April, since the acquisition of Wallgate, Hitchens retail stores experienced a 31% increase in average like-for-like retail sales. For the seven week period pre-acquisition, like for like sales were down 28%.

Shares in Eco-City Vehicles rallied on news that the group has won an exclusive contract to launch a new Mercedes 'London cab' through its KPM-UK Taxis subsidiary. The new vehicle will be launched in London on 26 June and will go on sale shortly afterwards.

AIM-listed Dragon - Ukrainian Properties & Development said it is making solid progress on the development of its project portfolio.

Soil treatment firm Hyrodec said that its new OHIO refinery will commence commissioning during the week of 16 June, ahead of schedule and under budget