News

Specialist finance group 4Less said gross profits for the year to March fell to £2.3m from £3.2m in the period last year.

The group said given the challenging retail market place, the foreign currency broking division performed well, while after the restructuring the property finance division was also performing above target.

IT support services firm Sirvis achieved a 4.3% increase in turnover from continuing activities despite operating in challenging market conditions.

Turnover for the year rose to £7.9m compared with £7.6m, while operating profit before goodwill amortisation and exceptional items fell to £757,000 from £1.2m last time.

Genetix, which supplies scientific instruments to drug firms, said sales for the six months to June rose 4% to £6m from £5.8m previously, while pre-tax profit rose 5% to £1.2m.

The group said it continues to make progress in establishing new cell biology products and is encouraged by the double digit sales growth seen in the first six months.

Elite Strategies surged ahead after announcing that in-store digital marketing firm Retec Interface, in which it owns a 69% interest, has agreed a programme of installations with Tesco.

Retec has been trialling a 'Listening Post' system in Tesco's entertainment departments and the solution will now be introduced to a minimum of 33 stores by the end of 2006 with a rolling programme thereafter.

African Eagle Resources has signed an earn-in agreement with Phelps Dodge Mining for the exploration and joint venture development of its Ndola Copperbelt project in Zambia.

Under the Agreement, Phelps will subscribe for African Eagle shares to the value of $2.73m in two tranches.