LONDON (ShareCast) - Scottish pharma group ProStrakan narrowed first-half losses by 43% helped by new product launches and said it plans to enter the US market.

The loss for the period fell to £8.6m for the six month to 30 June compared to a loss of £14.9m last time on revenues up 28% to £20.9m.

“So far this year we have launched two new products across Europe, filed one product for approval in both the US and Europe, forged a number of important commercial partnerships and secured the finances of the group through to profitability,” said chief executive Wilson Totten.

“Entry into the US remains one of our most important strategic objectives and we are vigorously pursuing options that will enable this to happen,” he added.

Bio-decontamination technology specialist Bioquell saw pre-tax profits quadruple thanks to substantial organic growth and said it expects further good progress in the second half.

Pre-tax profit rose to £2m in the six month to 30 June compared to £370,000 before on revenues up 30% to £15.8m.

“Sales into the defence sector were strong and this will continue into next year,” said chairman John Salkeld.

“The TRAC division continues to increase the level of cross selling of its services to blue-chip multinationals and identify further opportunities for growth, although its results in the first half were adversely affected by a major facilities move,” he added.

Oil explorer Pan Andean Resources said the exploration well drilled on High Island 52 in the Gulf of Mexico is a commercial discovery.

"The well was drilled to the target depth of 8,700 feet and encountered over 160 ft net pay of hydrocarbon column in three separate sections," said the group.

Production is to begin shortly at 5m cubic feet per day and Pan will receive 2.15% revenue royalty on the well.

Stockbroker Panmure Gordon saw first-half pre-tax profits surge as it announced maiden interim dividends, with the UK having a particularly active period due to a variety of deals.

Pre-tax profit for the period rose to £4.3m from £1.4m before on revenue that nearly doubled to £33.4m from £18.3m previously. Maiden interim dividend declared of 1.5p per share.

“The last few weeks have seen volatile markets and while it is too early to tell what effect this will have, it is likely there will be some impact,” said the group

“The medium term outlook remains very encouraging, and the business is in good shape to take advantage of opportunities which become available and to continue to progress strongly,” it added.

Cancer drug developer Antisoma narrowed full-year operating losses thanks to a major licensing deal with Swiss firm Novartis.

Operating losses decreased to £19.8m in the year to 30 June from £13.9m last time on revenue of £8m compared to £1.6m previously.

The group said it has now more cash resources at its disposal than at any time in history.

Gold and copper exploration outfit KEFI Minerals jumped after announcing a gold discovery at the Yanikli Prospect at its Artvin Project in north-eastern Turkey.

Support services company Mavinwood saw pre-tax profits surge by 72% to £2.54m and said current trading is in line with expectations.

IT staff specialist Spring Group posted a 10% increase in first-half pre-tax profits to £2.2m but said revenues are down 8% to £190.5m due to the planned exit of uncommercial contracts.

Drug distributor Alliance Pharma said half-year sales came in flat at £7.8m due to temporary supply shortfalls but added that current trading is buoyant.

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