Date: Wednesday 18 Aug 2010
LONDON (ShareCast) - Marketing and advertising agency Adventis has slumped to a 19-month low after warning that full-year profit before tax, excluding exceptional items, could be up to 50% below market expectations.
The group, which has already flagged ongoing challenges in the early part of 2010, said its healthcare business has slowed considerably, while media planning and buying has been hit by campaign delays.
Cash shell Deo Petroleum is doing better though. RAB Octane, a fund managed by RAB Capital, has subscribed for £615,000 of shares at 41p each, taking its stake to almost 20%.
“We are excited by the opportunities being presented to the business and this fundraising will enable us to efficiently evaluate prospects and act quickly if the right opportunity is identified,” said executive chairman Kevin Burke.
Falkland Oil and Gas (FOGL) lost $2.2m in the first half of 2010 and hopes to resume exploration South and East of the Falkland Islands once a suitable rig has been secured.
The company completed the Toroa exploration well in July, but it turned out to be dry.
Quadrise Fuels International is down by a third after the emulsion fuel producer raised £875,000 from a subscription at 1p a share to fund an investment in a new junior oil production company.
It spent C$1m (£636,500) on maintaining its £636,500 stake in Sparky Energy, set up to utilize novel proprietary EOR technology developed by Quadrise Canada Corp.
EOR technology is designed to increase oil production and ultimate recovery from declining and depleted oil fields.
Pre-tax losses at Zimbabwe- and Zambia-focused miner African Consolidated Resources widened in the year to March 31 to £2.54m from £2.26m the previous year as it continued developing its projects.
Also in African mining, shares in Sierra Leone-focused iron ore and base metal specialist African Minerals fell back after it announced the departure of chief financial officer Craig Smith.
Pre-tax losses at southern Africa-focused DiamondCorp in the six months to June 30 narrowed to £974,000 from £1.6m over the same period the previous year as it posted revenues of £67,000 from nil previously.
Sunkar Resources chairman Teck Soon Kong said prices for phosphates began climbing in the second half of 2010 as the fertiliser plant operator posted narrower losses in the first half.
Pre-tax losses in the six months to June 30 narrowed to $5.4m from $7.2m over the same period the previous year.
‘The underlying fundamentals of food demand and population growth in Asia remain and thus, I believe, that our project, which benefits from scale, location and developed infrastructure is well positioned for the future,’ the chairman said.
Thoughts that the Building Schools for the Future programme is dead and buried were dispelled on Wednesday when Costain said it had been appointed by Lewisham Council to rebuild Deptford Green school in south London.
The school is to be delivered under the Private Finance Initiative by Learning21, a consortium that includes Costain, Babcock International and Building Schools for the Future Investments LLP. Funding is to be provided by Aviva Commercial Finance Limited.
The project is worth £28.6m.
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