News

United Carpets shares recovered from their 2007 low after it reported a 24% increase in pre-tax profits before amortisation and exceptionals to £1.43m in the year to March 2007.

Turnover was 10.7% ahead at £19.6m but, taking account of four stores that were closed, like-for-like turnover was 11.7% higher. There are now 61 stores that trade under the United Carpets brand. There are a combination of franchised and company owned outlets. Like-for-like sales in the 15 weeks since the year end are 20.9% higher than the same period last year, although that was a particularly weak trading period.

The total dividend was unchanged at 0.75p a share and the shares yield more than 5.5%.

Shares in Faces Cosmetics, the Canadian skin care franchised retailer, slumped following its profit warning late yesterday afternoon. Signing up franchisees has taken longer than expected so the results for the year to July 2007 will be below expectations.

Faces has been negotiating a fund raising for a number of months but it still hasn't finalised the details. This fund raising will require shareholder approval at an EGM. The full year figures will be announced in early October.

Black Rock Oil & Gas was the best performer today following news that it has struck oil in Colombia.

A well was drilled by Black Rock's joint venture partner Kappa Resources Colombia Ltd at Acacia Este in the Las Quinchas Association Contract in Colombia. A preliminary interpretation of the logs shows "oil saturation in good quality porous sandstones". Results of the testing of the well should be available in approximately 10-20 days time.