News

Accountancy services group Tenon is on track to meet its financial expectations for the full year.

A strong performance from Recovery is compensating for the negative effects of market sentiment on financial services, corporate finance and related activities. "We expect increasing emphasis upon these countercyclical activities as funding constraints for both companies and individuals continue to escalate in the weaker economy," said the group.

Shares in telecoms billing specialist Intec rallied after what it described as its best ever year. Revenues to end September rose by 9% to £135.8m (2007: £124.5m) with underlying profits up 52% to £13.2m. Pre-tax profits were £13.7m compared with a loss of £7.5m.

"We have had our best ever year, delivering strong growth in revenues, profitability and cash while at the same time restructuring the group to reduce costs and deliver long-term growth," Andrew Taylor, chief executive, commented.

Plant hire group VP lifted its interim dividend by 11% to 3.1p as profits rose by 13% to £13.7m. Revenues in the half year to September grew by 7% to £81.6m from £76m.

"The winter always presents us with an unpredictable trading period but given the further erosion of business confidence during the autumn, we expect construction activity levels to reduce further in the coming months," chairman Jeremy Pilkington said. He added VP has significant revenues outside of the mainstream construction sector so the result for the full year will be satisfactory.

Gearbox developer Torotrak cut losses to £1.9m (2007: £2.4m) in the half year to September, but also reported a "considerable reduction" in consumer demand in North America for outdoor power equipment. This will affect the level of early orders for its joint venture Infinitrak's first transmissions and is expected to lead to a more modest level of market introduction.

Revenues rose to £0.9m from £0.5m reflecting increased levels of engineering activity with key customers. Net cash was £9.7m at the period end. A strong weighting of revenues expected in the second half from existing and potential new licensees, Torotrak added.

Aero-engineer 600 Group said its order book was lower than at the same time last year as reasonable growth in mainland Europe and South Africa was offset by weakness in the UK and South Africa.

The company also posted a pre-tax loss of £980,000 in the 26 weeks to September 27, compared with a profit of £1.6m over a comparable period the previous year, with turnover climbing to £44.6m from £40.5m.

Software solutions firm Brady has won a contract to support the warrants business of a leading global investment bank and category II member of the London Metal Exchange.

Software firm Formjet soared after it said versions of its Ability and Panda Software will be preinstalled on computers provided by The Carphone Warehouse as part of its broadband offering.

ImmuPharma jumped after it said Cephalon will pay it $15m upfront option payment for an exclusive, worldwide license to the investigational medication Lupuzor, which is for the treatment of Systemic Lupus Erythematosus. ImmuPharma, which is currently undertaking a Phase IIb study of the drug, said milestone payments could total up to $500m.