Date: Monday 30 Nov 2009
SDI swung into the black at the half-way stage, although the automated warehousing systems firm said the outlook remains “tough”.
There was a profit of £305,000 in the six months to 30 September versus a loss of £2.6m in the half year to 31 May 2008 (the year end has now moved from November to March). Revenue of £23.1m was little changed.
“SDI is seeing encouraging levels of enquiries, although, due to the capital nature of our products, customers' decision making processes remain longer than previously experienced,” said chairman Mark McMenemy.
The period immediately following Christmas will be an important indicator for the group's future pipeline as a number of customers formalise plans for 2010.
Commercial property fund manager, First Property Group, saw profit before tax for the six months to 30 September fall 12% to £1.56m, although it says the outlook is “promising”.
It had £296m in assets under management at the end of the period, up 2%, of which £281m is property in Central and Eastern Europe, about 95% of the total portfolio. But recent purchases in the UK and a possible UK fund are likely to shift the mix towards the UK in coming months.
Beowulf, the owner of mineral exploration projects in Sweden, says a scoping study on its Ruoutevare iron ore deposit is progressing well and is expected to be finalised early in the first quarter of 2010.
The company, which raised £500,000 in June, lost £359,000 in the nine months ended 30 September, up from £315,000 a year earlier. It had about £321,000 in cash held at the period end.
Its shares have rallied recently on news it had been granted a licence to explore a molybdenum deposit.
Offshore safety specialist Cosalt has announced a shake-up of its board and reported trading in line with expectations.
David Ross, who is currently a non-executive director, is re-appointed as chairman, Calum Melville and Simon Gilbert join the board as non-executive directors, while David Hobdey, interim chairman steps down.
Shares in Harvard International climbed after the consumer electronics distributor posted sales that more than doubled to £42.5m in the six months to September 30 from £19.9m over the same period the previous year.
Health and Safety consultancy PHSC posted an 8% fall in turnover to £2.2m in the six months to 30 September from £2.4m over the same period the previous year as it suffered from the effects of the UK recession.
Pursuit Dynamics, which makes pump technology for brewing, food manufacturing and fire extinguishers, posted a slump in revenues to £45,225 in the year to September 30 from £455,493 the previous year but said losses that narrowed to £6.9m from £7.1m.
Shares in Solomon Gold jumped after it said it had been granted a licence to mine over 70km2 on the Fauro Island in the north of the Solomon Islands and on the island of Bougainville, which hosts the Panguna copper gold project.
Sutton Harbour, which operates marinas, Plymouth Airport and the airline Air Southwest, praised its ‘core of stable income producers’ as it posted an 18% rise in revenues to £19.2m in the six months to September 30.
Theme park queue systems specialist Lo-Q is higher on news trading for the ten months ended 31 October should expected to be in line with market expectations.
“Our newest parks have in general performed well and the newest of our products, Q-txt, has been well received in the initial two parks in which it has been installed,” said the firm, which publishes year end results in February.
Drug developer Plethora Solutions has sealed an exclusive UK license and distribution agreement with Happy Child Birth Holding to market Dianatal Obstetric Gel to reduce the trauma of childbirth via vaginal delivery.
Boss Steven Powell said the product, currently marketed in Switzerland and Germany, has been proven to “significantly reduce the duration and trauma of labour during first-time deliveries".
Waste management firm Shanks has announced plans to sell 80% of the equity plus the subordinated debt in Dumfries & Galloway and East London PFI contracts.
The money will be used to fund the firm’s growth strategy, said chief executive Tom Drury, although the company will continue to operate both contracts once any sale is completed.
DCD Media, the independent TV production and distribution groupsaid its primary holder of convertible loan notes, Highbridge, has agreed to cancel about £6.93m of convertible loan notes in exchange for approximately £2.48m of cash and 7,631,048 new ordinary shares of 10p each in the company.
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