News

Motor retail group Vertu said depreciation of the value of used cars has placed continued pressure on used car margins.

"The group's sales volumes in both new and used cars, remain ahead of prior period levels on a like for like basis, however market conditions in the UK in recent months have become increasingly challenging, particularly in the used car sector," said the group.

It added that trading results for the half-year to August 2008 will be in line with management expectations.

Car component maker TT Electronics said it has bought assets comprising the majority of the business of Semelab for £9.8m. The consideration is payable in cash and will be funded from the group's existing debt facilities. Operating profits attributable to the acquired business are expected to be about £1m for the year to 31 October 2008.

Shares in Telephonetics were on the rise after the speech recognition group swung to a pre-tax profit of £596,000 in the first half compared to a £119,000 loss last time and said it will continue to make good progress in the second half.

Software solutions group Brady said a hedge fund division of a
leading US private equity firm has chosen Brady to support the trading and
risk management operations of its commodities and metals fund. Financial details of the deal were not disclosed.

Publishing software specialist Publishing Technology swung into an underlying profit of £100,000 in the half-year to June compared with a loss of £1m. Sales were £7.3m. "The company now has a very strong, singular market position and I expect further progress going forward even if the overall economic environment continues to remain poor," chairman Martyn Rose said.

Mobile phone banking and payments company Monitise tripled revenues in the year to June 30 and said it aimed to at least maintain the same revenue growth.

Revenues climbed to £1.5m from £500,000, with second half revenues accounting for £1.1m of this as growth accelerated. However, pre-tax losses over the year climbed to £14m from £8.7m the previous year as administrative and distribution expenses climbed.

Insurance run-off specialist Randall & Quilter and Global Re have created a strategic partnership for the purchase and management of non-life run-off companies in Continental Europe.

Most of the acquisitions made to date by R&Q have related to portfolios with a high concentration of North American and London market business. The Group is now also focussing on acquisition opportunities in the Continental European market. Global Re will actively seek out opportunities and assist R&Q in the acquisition procedure and manage the run-off companies acquired.