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There's a new Investor Edition of CMC Markets' spread betting platform... and it's exclusive to DigitalLook.com users...

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Date: Thursday 28 Aug 2008

LONDON (ShareCast) - Online sales helped second-hand retailer Cash Converters report a sharp rise in revenues and profits and the company said it was set to continue opening stores in the UK and Australia.

Revenue in the six months to 30 June climbed by more than 50% to A$74.4m from A$46m the previous year. Pre-tax profits climbed to $21.6m from $16.7m.

“Some stores now attribute 30% of weekly sales to online sales and this is expected to grow through the next year,” the company said.

African oil and gas group Bowleven said it had completed a successful initial drill stem test on the IF-1r discovery in Cameroon.

“This first oil discovery on the permit is a significant event for both Cameroon and Bowleven as it confirms the presence of oil in addition to the previously discovered gas and condensate resources on our acreage,” chief executive Kevin Hart said.

“While we continue to pursue the development options for our existing gas/condensate resources, our focus will also be on further interpretation of the IF-1r well results including assessing the extent of the IF-1r accumulation and the implications for the entire permit of this exciting new play.”

Regenerative medicine developer Intercytex has appointed Max Herrmann as chief financial officer with effect from 19 September 2008.

Herrmann joins Intercytex from Fusion IP plc, the university IP commercialisation company, where he has held an independent consulting role for the last 12 months. Prior to that, he spent over 10 years as a sell-side equity analyst and before that was a financial controller at Onyx Pharmaceuticals.

"We are delighted to welcome Max to the Intercytex team. His strong financial background and experience in the City combined with his deep scientific understanding of our sector brings a wealth of knowledge and expertise to Intercytex, and I am certain that he will make a major contribution to the company's future growth and development," said chief executive officer Nick Higgins.

GMO Limited, an AIM-listed, said revenue was considerably lower in the first half due to the challenging operating environment for wireless service providers in Chine.

“Nonetheless, our businesses have gradually stabilized during the second quarter. We remain committed to seeking the best possible opportunities and outcomes for the benefit of our shareholders, including the pursuit of potential strategic investments and synergistic collaborations,” it said.

First half revenue fell to $1.81m from $5.39m before which resulted in a pre-tax loss of $1.69m from the $569m profit in the same period last year.

Scientific instruments group Judges Capital posted record sales of £3.48m in the six months to June, up from with £2.84m. Pre-tax profits leapt to £672,000 (2007: £190,000).

"The current year started with a robust order book which resulted in a strong trading performance by all subsidiaries", Judges said. Markets remain strong with an encouraging pipeline of orders, though the first half performance should not be extrapolated in respect of the full-year. The interim dividend rises to 1.2p from 1.1p.

Chime Communications and many of its fellow PR and marketing firms have not felt the effects of any downturn in the economy, the company said as it reported sharply higher revenues and pre-tax profits.

Activities including the promotion of the London Olympics and government anti-binge drinking campaigns helped Chime post profits of £8.2m in the six months to June 30, from £6.4m a year previously, as revenues climbed to £115.5m from £94.8m.

Printing firm Communisis’s focus on value products and reduction in factory inefficiencies helped it more than triple pre-tax profits in the half year to June 30 to £8m.

• News Channel