LONDON (ShareCast) - Financial advisory group Brooks Macdonald said it had a successful year in both its Asset Management and Financial Consulting businesses.
Pre-tax profit rose 95% to £1.6m for the year to June on turnover that increased 46% to £8.2m. Funds under management rose by 43% to £915m.
“In spite of the recent market weakness, demand for our services in the high net worth market place remains high,” said the group.
“Recruitment over the last twelve months, investment in infrastructure, the opening of our Manchester office, the continued growth of the SIPP market and our high quality staff leaves the group in a strong position for the current year and beyond,” it added.
Shares in Timan Oil & Gas were higher on news that the Russian exploration firm’s Geoterm unit has identified 6 prospective offshore drilling targets within the company's Block No. 2 Izberbash licence.
The resource potential of the new targets is estimated at about 3bn barrels.
Human resource support services firm ATA Group said interim turnover rose 23% to £11.24m, helping operating profits before exceptionals to hit £242,000 from £170,000 before.
“As in 2006 we are in the midst of a challenging year. This time, however, the problems are those of optimising an already profitable business and planning for development and growth,” said the group.
Dividend was raised to 1.5p from 1p.
Gold mining company Kirkland Lake Gold said income for the quarter to July was $36,237, compared with the $1.1m loss for the previous quarter and a $3.2m loss in the same period last year.
Compared to the quarter ended July 2006, gold revenues were 33% higher at $11.3m, which reflected a 3% increase in the realised gold price and a 30% increase in ounces sold.
Field engineer software specialist ServicePower is one of today’s few risers after announcing that it had won a contract with Homeserve.
No financial details were disclosed but the group said the initial contract is expected to deliver incremental revenue in future years.
Under the terms of the contract, ServicePower will provide the full portfolio of its SERVICEPower optimisation software.
Gourmet Holdings, owner of the Richoux and Dragon restaurants, saw pre-tax losses widen but said it is in a strong position to drive the business forward.
Losses before tax increased to £2.85m for the 52 weeks to 24 June against a loss of £1.5m last time. Turnover came in slightly lower at £10.02m compared to £10.24m previously.
“Following the sale of all the group's pub restaurants and the successful restructuring of the company, our principal priorities are to concentrate on the core business of Richoux restaurants, acquire/develop one or more complementary cafe/patisserie concepts and roll out units across central London,” said the group.
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