LONDON (ShareCast) - West China Cement said profit rose 69% to £10.7m in the year ended 31 December despite rising energy costs and adverse weather conditions.
The group, which produces cement in the western Chinese province of Shaanxi, saw revenues increase to £37.6m from £21.9m last time.
“The government of China's decision to focus on the Shaanxi Province for development is an exciting opportunity for the company,” said chief executive Jimin Zhang.
“The Shaanxi Province five year plan estimates cement demand at 25m tonnes in 2006 rising to 40m tonnes by 2010,” he added.
Shares in Knowledge Technology Solutions were lower after the market information provider saw half-year losses before tax and exceptional widen to £718,908 in the six month to 31 December from a loss of £596,356 last time.
It however said that it expects to trade profitably in 2008/2009. The group also announced that it is in talks regarding a possible sale of its subscription business and plans to change its name to Arcontech at the AGM in December.
“In addition to the organic growth of the business we will continue to look for suitable acquisition opportunities, which add to our product proposition as well as increasing the size and scale of the group,” said chairman Richard Last.
Sports marketing and management firm Essentially reported improved pre-tax profits and announced a number of senior management appointments.
Pre-tax profit from continuing operations rose to £324,162 in the year ended 31 December compared with £24,519 a year earlier.
The group also announced that Matthew Vandrau, the former managing director of Frontiers, acquired earlier in the year by Essentially, will become new business director for the group. Tim Berg will become chief financial officer, and Dwight Mighty, the current chief financial officer, is to become chief operating officer.
Canadian-based oil and gas exploration firm Bankers Petroleum saw revenue rise 97% to $62.1m, helping net operating income grow to $32.5m from $13.1m in 2006. In Albania, average production increased 39% to 4,724 bopd.
A recent study in Texas found Colostrinin, ReGen Therapeutics's nutraceutical product, is non-allergenic and prevents allergic inflammation due to common indoor and outdoor allergens.
"The data shows that Colostrinin may be used in humans without concern about experiencing an allergic reaction. This is in contrast to other less refined dairy-derived products, in particular whole colostrum, which is a significant US dietary product. We believe these findings will give impetus to the marketing of Colostrinin," Percy Lomax, Regen's chairman and chief executive, added.
Minerva Resources, formerly Palladex, edged higher Monday on news it will pay up to $5m to increase its stake in Ethiopia’s Yubdo Platinum & Gold Development plc from 51% to 73%.
The deal depends on the completion of a feasibility study into the viability of a mining and processing operation to produce at least 50,000 ounces of platinum a year.
In a separate statement, the firm said it narrowed losses for the year ended 30 September 2007 to £295,131 from £698,528 in 2006.
Clean fuel catalyst specialist Oxford Catalysts racked up higher losses last year, though the company insists it is where it expects to be.
"'We are where we hoped we would be at this stage of our development, yet with a stronger balance sheet, which is proving to be a particularly valuable asset in the current market environment. We foresee significant progress ahead," chairman Pierre Jungels said.
The group, which signed its first license deal through a strategic alliance with Novus Energy in January, saw losses rise to £1.79m in 2007, up from £972,000. Revenues rose to £163,000 from £64,000.
Environmental technology group Mid-States saw pre-tax losses widen to £2.15m in the six month to end December from £938,000 last time on higher administrative costs of £2.1m compared with £1.44m previously.
Cagney fell by a third today as the integrated group of marketing services firms reported a £3.1m pre-tax loss for 2007 after a £2m write-down in relation to its investment in CST.
Software maker Amteus fell on news that losses for the year ended 30 September 2007 grew to £3.1m from £2.6m a year earlier. It also plans to raise £1.8m via a placing at 15p a share.
“The proceeds of the placing will enable the company to gain sales more quickly as we seek to achieve cash breakeven in 2008,” it said.
Aircraft charter firm Air Partner saw pre-tax profits increase 12% to £3.9m on sales that rose 21% to £109.4m. Interim dividend was increased 10% to 7.4p per share.
"Trading conditions in the period under review have been good, a slight change after almost two years of near-perfect market conditions," it said.
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