LONDON (ShareCast) - Delling rallied after the marketing support services firm said it has seen considerable progress in the turnaround of its only loss-making subsidiary.

The group added that its exhibition business, Delling Expo, has also seen an improvement in margins and a reduction in fixed costs.

“I am delighted with the development so far this autumn, as far as our profit improvement plan is progressing, where our focus on reducing fixed costs and on improving margins has been paying off,” said chief executive Geir Lolleng.

“This progress, in combination with excellent sales development within our most profitable areas, bodes well for the future,” he added.

Smart card solutions outfit ID Data gained after it won a major contract with one of Europe's leading retailers for a retail loyalty project.

The contract, which involves the delivery of personalised loyalty cards, is expected to add about £1.5m in second-half sales in the year to 31 March 2008, said the group.

ID Data added that it has seen many clients return after suffering a loss of business from choosing not to compete with unrealistic margins over the last two years.

Hallin Marine advanced as the provider of subsea solutions to the oil and gas industry announced that it has placed a $5.4m order for seven new vehicles to extend its inspection capabilities.

The group said the Remote Operated Vehicles (ROVs), which are designed to operate in the Inspection, Repair and Maintenance (IRM) market, are scheduled for delivery during the first quarter of 2008

“These additions will increase our flexibility and give our clients a wider choice of services from an independent supplier,” said managing director Mike Arnold.

Jeweller Abbeycrest said the market continues to be slow, which is reflected in the financial performance of its subsidiary G&A.

Turnover for the half-year came in at £25m from £27.8m, while pre-tax losses narrowed to £1.5m from £2.1m before.

“Whilst it is difficult to be optimistic about UK trading in the second half, at least the Assay Office Statistics have shown some positive year-on-year growth for July and August, although not September,” said the group.

Intellectual property owner Galleon Holdings has agreed to acquire Hong Kong based media solutions provider Phoenix Investment Global for £1.5m.

A deferred consideration of up to £500,000 will become payable subject to two of Phoenix's broadcast customers in South East Asia entering into exclusive arrangements.

Also, additional consideration of up to £3.5m may become payable, subject to Phoenix's financial performance over the next three years. The entire consideration is to be satisfied by the issue of shares of 1p each in Galleon

Energy company Egdon Resources said 2006/7 has been another year of progress in oil and gas exploration and production and gas storage development.

Turnover for the year rose to £41m from £13m in the same period last year, while pre-tax losses came in at £538,000 compared with £519,000 before.

Solana Resources said preliminary test results for the Tres Curvas-1 wildcat exploration well yielded a combined 180 barrels of oil per day.

The oil and gas explorer said it expects rates to meet or exceed original expectations of 300 barrels with the application of artificial lift.

Elsewhere, telecoms group Thus announced the renewal and expansion of its contract with media group Global Radio.

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