News

Shares in TV and radio group UTV rose smartly as investment group TVC Holdings bought an an additional 3% for £2.2m to take its total stake to 18%.

TVC acquired a 15% holding in the ITV broadcaster and talkSPORT owner in July. TVC added the purchase reflects its stated investment strategy of acquiring significant stakes in companies across a range of sectors.

Harvey Nash has been selected as a key strategic partner by Alcatel-Lucent to provide wireless technology maintenance, research and development services. Revenue generated under the contract is expected to be approximately €54m over an initial fixed term beginning 1st October 2008 to 31 December 2010.

Electric vehicles maker Tanfield has cautioned that a lack of availability of credit to end customers and a general reduction in demand, resulting from the economic downturn, is creating significant market uncertainty. While excess industry inventory continues to affect market pricing and this pricing pressure, combined with higher input costs, is significantly impacting margins and profitability.

"While market uncertainty makes future forecasting difficult, our 2009 plans broadly assume a continuation of current trading conditions with no sign yet of any upturn. We continue to review the scope for additional cost cuts with a view to further reducing our break-even level in the event of any further deterioration in trading," it said.

Housebuilder and property developer Artisan warned it has seen a significant deterioration in the market for both our residential and commercial development operations since June with activity levels lower than in the corresponding period last year.

"Market conditions are extremely volatile, making it difficult to predict with any accuracy the level of sales likely to be achieved over the next few months," it said, adding it is likely that the group will suffer from reduced volumes at best in the short term, but more probably throughout the year.

Irish miner Connemara reports significant zinc & lead mineralisation in two additional holes at Stonepark in Limerick. The mineralised zone now extends for at least 300 metres. "This very early stage exploration has been consistently successful. We know we have found something - the ongoing drilling and assaying are designed to fully define and value what we are dealing with," chairman John Teeling commented.

Human tissue and drug discovery services supplier Asterand grew third quarter revenues by more than the 43% reported for the first half of 2008.

It benefited from the out-licensing of the R99 programme to Allergan, which it said has the potential to provide additional success-based development and sales milestone payments plus royalties.

"'Overall, the company remains on track for significant top-line revenue growth in 2008 and expects to continue to improve operational efficiency," said boss Martyn Coombs.

Avarae Global Coins, which invests in rare and high quality coins, narrowed its half year loss and said it is working on making further realisations during the year ahead.

The loss of £64,000 for the six months ended 30 September was almost half the £118,000 reported in 2007. The value of its coin inventory is nearly £9m, equivalent to about 8.7p per share.

Pharmaceuticals firm Sinclair Pharma financial performance since year-end June 2008 is in line with Board expectations

"During the first quarter Sinclair has continued to build on the progress made in FY2008. In this period we have secured the first agreements for the distribution of our new pipeline products T-Go, Sinlice, Herpclair and Decapinol Perio-Applicator," said the group.