News

Shares in Vp rallied Tuesday after the heavy equipment hire specialist posted a 55% increase in pre-tax profits, despite saying that uncertainties lie ahead.

Pre-tax profit rose to £12.1m in the six months ended 30 September compared to £7.8m last time on revenues ahead by 24% to £76m. The interim dividend increased 24% to 2.8p a share.

"The inevitable uncertainties of the winter period lie ahead of us and we believe that the full impact of the liquidity problems in the financial markets has yet to be felt within the broader economy," said chairman Jeremy Pilkington.

"Overall, we remain optimistic about future prospects for the group and confident that the outcome for the full year will demonstrate continuing progress," he added.

Foundry and engineering firm Chamberlin said the current year is progressing in line with expectations.

For the first half of the year, pre-tax profits before exceptionals rose 24% to £651,000 on turnover that increased to £19.6m from £19m before. Dividend was maintained at 3.85p.

The group said foundries achieved sales growth of 6%, with the engineering companies achieving 1% growth net of the impact of prior year disposals from within Petrel.

Data management firm GB Group said it delivered improved revenue in the first half, which will continue into the second half and help it generate profits for the remainder of the year.

"The growth rate across all business areas has continued into the second half of the year and, as a result, the group is expected to trade profitably for the remainder of the year to 31 March 2008," it said.

It said half-year losses were less than expected at £1m compared with £600,000 in the same period last year. Group revenue increased 13% to £7.9m.

Architect and design firm Aukett Fitzroy Robinson said its financial performance for the year will be in line with market expectations.

"Overall order book for 2008 remains buoyant with International Hotels, Green Retail in the UK, and Russian projects providing the best opportunities for growth underpinned by a consistent office portfolio of work from its retained client base," said the group.

Net cash has increased by £1.86m during the year to September.

Business training provider Wilmington has acquired an 80% stake in training business Matchett Group for an initial consideration of £5.7m and the repayment of existing debt of £3.9m.

Further consideration is payable dependent on profits during the year to 31 December 2008, capped at £15m.

Wilmington will fund the consideration from existing debt facilities and said the transaction will be earnings enhancing in the first full year of ownership.

Animal genetics company Genus has agreed to sell its non-core veterinary pharmaceutical business Animalcare to Ritchey for £14m in cash. The proceeds will be used to reduce debt.

Oil and gas exploration firm Irvine Energy has identified multiple drill targets near the Blood and Cooley fields in Kansas, following the completion of an eight square mile 3D seismic survey.

The survey is the first of four to be completed totalling about 50 square miles, where Irvine owns a 75% interest in 112,000 acres of oil and gas licences.

The Capital Pub Company saw pre-tax profit, excluding profit on disposal of properties, increase by 19% to £0.97m for the 26 weeks to 29 September on turnover up 36% to £9.16m. It aims to double the size of its current estate in the medium-term.

"In our experience, trading in London has held up well despite the smoking ban and we are very pleased with this excellent set of results," said chief executive David Bruce.

Kalahari Minerals gained after the AIM-listed group said it has received its best results to date in the Garnet Valley area on the Husab Uranium Project.

Digital tetra radio provider Sepura saw pre-tax profits rally by 104% to £5.3m and said trading in the current financial is in line with expectations.

Media and marketing company Media Corporation raised pre-tax profits by 20% to £3m on turnover that actually fell to £8.3m from £11.9m before.

Investment firm Bidtimes said it was disappointed with the performance during the half-year of its investment portfolio. Pre-tax losses for the period came in at £53m compared with £80.8m before.

Portrait Software said performance during the first six months was in line with expectations. Pre-tax losses came in at £311,000 compared with the £393,000 loss last time on revenue that increased 4% to £6.32m.