LONDON (ShareCast) - Spectrum Interactive slumped after it saw full year losses widen as the payphone operator struggles to cope with the steep decline in payphone revenues

"This decline in coin and credit card revenues of approximately 19% for the whole year and over 25% since January 2007 had a significant effect on profitability," it said.

The group added it is looking towards restructuring the business and becoming less reliant on payphone income. Pre-tax losses for the period came in at £4.7m from £1.2m last year on turnover that fell 2% to £17.9m.

Greatfleet reported a rise in first-half pre-tax profits but said it expects full year results to be materially below expectations following recent market turmoil.

“Recently we have experienced some weakness in our banking recruitment business due to uncertainty in the financial services marketplace,” said the group.

“This has led to the company's performance over the summer months being below the board's expectations and as a consequence the board now believe that the outcome for the current financial year will be materially below their previous expectations,” it added.

Pre-tax profit increased to £311,000 in the six month to 30 June from £207,000 previously on revenue up by 8.5% to £5.85m.

Arko Holdings saw an increase in revenues and profit but said it approaches the second half with caution.

“Despite progress made in the first half of the year, the competition in the terminal operation market as well as disappointing performance in the power plant make it necessary to approach the second half with some caution,” said the group.

Pre-tax profit rose to $786,000 for the half year from $289,000 last time on revenue up by 28.3% to $6.08m.

Marketing software and service firm smartFOCUS posted strong first half results, though its shares still fell heavily.

Pre-tax profit surged to £150,000 from £8,088 before on revenue that rose 32% to £5m. The group said it did not declare an interim dividend because it wants to continue putting in its cash resources to its operations.

Hay fever vaccine firm Allergy Therapeutics saw full year sales increase 9% to £25.7m, though operating profit before R&D expenses fell to £2m from £3.6m before. R&D expenditure increased 165% to £25.3m as pivotal Phase III programme progressed.

Speciality pharmaceutical group Meldex, formerly known as Bioprogress, saw turnover more than double to £8.7m, while adjusted operating profit came in at £760,000 from the loss of £592,000 last time.

Oil and gas firm Afren saw net losses increase to $10.2m for the six month to 30 June from a loss of $5.2m following increased costs.

McInerney Holdings shares slumped as pre-tax profit fell to €9.2m for the first six months of 2007, compared to €11.2m previously.

Shares in Kiotech International rallied as the natural feed additives supplier moved into a maiden pre-tax profit of £251,602 against a loss of £111,367 last time.

Fuel cell technologies firm ITM Power gained on news that it has received a 'notice of allowance' for its fundamental patent application from the US Patent Office.

• News Channel