LONDON (ShareCast) - TV content owner Contentfilm has cautioned tough trading at its US division Allumination will hit results this year. "Film and television divisions have performed well in 2008, however the company expects the full year 2008 result to be negatively affected by trading at Allumination," it said.

The TV programme library owner added it traded positively in the second half of the year and expects to report a satisfactory full year group result. The company is looking various strategic alternatives for Allumination that will return the division to profitability.

Exploration firm Desire Petroleum said its chairman will step down due to ill health as it narrowed full year losses. Colin Phipps will be stepping down with immediate effect and be replaced by Stephen Phipps.

Pre-tax losses for the year narrowed to £325,000 from £2.4m as it did not incur the substantial foreign-exchange losses from last year.

South-Africa focused platinum miner Sylvania Resources more than doubled its profits in the first quarter of 2008 helped by higher production and rising prices for the precious metal.

Pre-tax profits surged 134% from the same period a year ago to R20.6m. Platinum production rose by 34% from the last quarter of 2007 to 4,802 ounces, Sylvania said, adding that platinum prices rose by 36% to US$2,706 an ounce.

Higher overheads meant a loss last year at US–focused healthcare outsourcer CBay Systems, despite revenues climbing sharply. Net losses were $2.76m in 2007 compared with a profit of $63,000. Sales rose by 38% to $57.7m, up from $41.8m.

Revenue from medical transcription services in 2007 grew by 20% to $42.2m. Underlying profit rose by 24% to $4.9m in 2007, up from with $3.9m in 2006.

High wool prices and low margin sales have hurt fabric and garment maker Natsun, leaving revenue since the start of the year marginally behind expectations. But higher selling prices are expected to lead to an improvement from June.

Property group Oak Holdings narrowed its pre-tax loss for the 12 months to 31 October 2007 to £463,642, down from £572,347 in 2006. Consultancy turnover was solely responsible for an increase in turnover to £351,000 from £59,000 last year.

Half year pre-tax profit dropped to £799,000 at coin dealer and auctioneer Noble Investments, less than the £947,000 reported a year ago, but £165,000 higher than the previous six moths. Coin prices and forward auction consignments for 2008 are both extremely strong, it said.

Oil rig safety consultant Velosi has won its first contract with BP for the Norway section of the North Sea. The contract, with BP Norge, is effective from March 2008 until the third quarter of 2010. Velosi will provide verification, certification and enhancement services for the Valhall and Skarv Projects.

Recruitment software group Bond International has been chosen by ATS Euromaster for a new five-year, six-figure contract that will enable ATS to manage its entire recruitment through an online portal.

Brinkley Mining has been awarded a provisional prospecting licence for the exclusive exploration of uranium and associated minerals over an area of over 5,000km of Budi County, Eastern Equatoria State, Southern Sudan. The licence is effective until 21 February 2009 and is renewable annually thereafter.

Struggling airline services group Watermark racked up losses of £32m in 2007 after huge write-offs. Revenues rose by 13% to £105.8m and there was an operating deficit of £5.5m. The group, which raised £7.5m in a rescue refinance deal last month, added that while trading in both divisions is in line with expectations, 2008 will be a year of further challenges.

Egdon Resources saw pre-tax losses increase £1.49m compared with losses of £247,000 in the same period last year despite posting revenues this time round.

Software supplier Formjet said the sell through reports of its products show no signs of reduced sales even in difficult retail conditions, adding that it believes this will result in re-stocking orders in the second-quarter.

• News Channel