LONDON (ShareCast) - Specialist clothing firm CEPS reported a 142% jump in full-year pre-tax profit but said it remains cautious on overall prospects for 2008.

Pre-tax profit rose to £674,000 in the year ended 31 December from £279,000 last time. Revenue rallied 100% to £15.4m.

“At the time of writing, one has to take the view that growth in consumer spending is likely to ease downwards throughout 2008,” said chairman Richard Organ.

“In these circumstances, I remain cautious as to the overall prospects for 2008 but confident that our management teams will outperform their immediate competition and maximise profitability and return on capital employed,” he added.

AIM-listed oil and gas firm Sefton Resources said the electrical hook-up at its three Snow wells has now been completed and the wells are now on production.

All the wells on the Tapia leases that are capable of production are now running, the group added, including the four new wells drilled earlier this year. Each of the four new wells is already producing oil and in the process of cleaning up. The Yule #7 well that was recently steamed is also producing oil and much sooner than expected.

Electronic tagging group Dmatek reports a report a strong start 2008, ahead of the corresponding period last year and in line with the second half of 2007. The group, which specialises in prisoner tagging and OAP alarms, added the improved performance reflects the successful shift in the make-up of its revenues and the continuing development of its markets.

Struggling packaging group Stanelco has licensed the design and manufacture of its Frogmat biodegradable packaging to US firm MonoSol, the world leader in specialty water-soluble polymer-based films. The license agreement grants MonoSol the exclusive rights to manufacture and market this biodegradable packaging product in the Americas and to market the product globally on a non-exclusive basis.

Losses rose slightly at sports betting clearing house Betbrokers in 2007. The deficit rose from £2.43m to £2.72m, ignoring goodwill write-offs of £17.5m. Underlying revenue rose from £821,000 to £2.81m. Traded volumes rose by 88% to £53.6m, with the number of retail clients up from 519 to 1,345 and wholesale customers up to 317 from 104.

Lower costs, the additional liquidity from its recent £495,000 loan note issue and the start to the season gives the directors confidence that Betbrokers can meet the market's expectations for 2008, the statement said.

Oil explorer Nighthawk Energy’s second well on its 50% owned US prospect Jolly Ranch, Jolly Ranch 2-1, has been drilled to target depth and had encountered hydrocarbons during drilling and casing had been set to test the well, the group says. Drilling now moves to the Craig Ranch 8-1 drill site.

Infrastructure support services group Spice said trading for the year to April 30 was in line with expectations. “Our utility and energy markets continue to offer very significant growth opportunities, whilst at the same time having defensive qualities,” it said.

Closed-ended property investment firm Ciref said it has not been immune from the effects of the international credit crises, which resulted in the negative revaluation of its assets by £4.5m. It has led to profit falling by 92% to £121,000 for the six months to 31 March 2008.

Carnegie Minerals watched losses widen to £1.75m in 2007 from £308,500 the year before as administration expenses soared by £800,000 to £1.27m. This year poses “significant challenges” due to current turbulent world financial markets and the recent dispute with the Gambian government, said the group.

News that mobile phone services company WIN has won significant contracts with Allianz Insurance, Yell Group, Magticom, AOL, Orange UK and Singtel gave its shares a boost Wednesday.

Philippines focused Aussie gold miner Medusa Mining is on form after uncovering an exceptional high-grade intersection at its Co-O mine.

Dwyka Resources is also active in the Philippines, having signed an option agreement to buy an initial 30% interest in the Daguma and Bonanza coal deposits. It sees potential for near-term production.

Property firm Engel East has requested a temporary suspension of trading in its shares on AIM pending clarification of its joint venture agreements

• News Channel