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Date: Thursday 21 Aug 2008

LONDON (ShareCast) - Cinema chain Cineworld lifted box office revenues by 1% in the first half, while total revenues improved by 0.9%, thanks to the success of blockbusters such as “I Am Legend” and “Indiana Jones”.

Group revenue rose to £137m in the 26 weeks ended 26 June from £135.7m, with box office revenues up to £89.6 from £88.7m last time. Earnings before interest, tax and amortisation came in slightly lower at £21.5m compared with £21.7m previously.

The group said it is confident that the line up of films in the second half will drive admissions, particularly in the fourth quarter, when James Bond: Quantum of Solace, Madagascar 2 and High School Musical 3 hit the screens.

“The second half has started very well for the group and we have some exciting new releases ahead of us in the remainder of the year and beyond,” said chairman Tony Bloom.

“This, combined with the opportunity presented by our recently formed screen advertising joint venture, Digital Cinema Media, means we look forward with confidence to the future,” he added.

Profit before tax dropped 67% in the first half at microwave radio and satellite transmission products supplier Vislink, which will also buy Pacific Microwave Research Inc for up to $17m.

It reported a drop in pre-tax profit for the six months ended 30 June to £2.29m from £6.97m on revenue up a touch to £46.61m from £46.15m in 2007, in line with expectations.

The group blamed the fall in profits on a change in product mix in its US RF business and weaker operating margins due to the rising cost of working to complete the 2GHz relocation programme.

Vislink has also agreed to pay as much as £9.1m for California firm Pacific Microwave, a specialist in analogue and digital microwave video transmission solutions for law enforcement, Homeland Security, and military applications.

There will also be a new chief executive on 1 October after the company said Duncan Lewis, the former boss of Mercury Communications (now Cable & Wireless UK), will take over from Ian Scott-Gall.

“The group is trading in line with the directors' expectations,” said chairman Tim Trotter. “Our two recent acquisitions are expected to be earnings neutral in 2008 but earnings enhancing thereafter. The board is confident about the prospects for the group.”

Material technology firm Dyson said overall pre-tax profit and debt levels for the year-to-date are satisfactory although higher energy costs and lower sales have hit its Thermal Technologies and Performance Materials divisions.

However these pressures have "been mitigated to an extent by price increases and cost reduction," the group said in a company statement.

Sales from the Thermal Technologies division have risen about 12% since the start of April compared with the year before.

Performance Materials sales have dropped around 6% due to lower automotive Ecoflex sales, 'however the longer-term outlook in this area continues to be encouraging', Dyson explained.

Dyson added that the Distribution division has been hit by the downturn in the housing market with sales since April 14% lower than the year before.

On a positive note, chief executive Patrick Lammers said, "The restructuring of the group following our strategic review announced in June is progressing well with significant changes already being successfully implemented."

Clean energy firm Greenko said profits for the year ending March 2009 will be impacted by the delay of electricity generation at its hydro project in the Karnataka province of India, which was caused by flash floods.

The group said its power house was flooded after the banks of river Netravathi broke following continuous rains in the region. Preliminary findings indicate the delay to the commencement of electricity generation will be approximately 12 weeks.

Greenko anticipates that a number of implementing tools, electrical panels and gears will be lost or damaged as they are currently submerged. All damage to equipment is covered under insurance.

Parcel group Business Direct Group confirmed that it has received expressions of interest from various parties with regards to the possible sale of all or part of the group.

The group, which announced that it was putting itself up for sale at the end of July said, “however, discussions are yet to reach an advanced stage and there can be no certainty that they will be successfully concluded.”

Business Direct added that it continues to trade normally.

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