LONDON (ShareCast) - Shares in London Asia Capital plunged after the merchant bank said it is likely to make a loss for the year following significant provisions against the value of its investments.

The group said it will take a charge in its 2007 accounts of up to ₤1.1m following the de-listing of Plus-listed China Education Group last Friday, reflecting the fall in the value of its investment in the company.

London Asia Capital has also decided not to go ahead with the launch of the London Asia Clean Technology Fund due to the state of financial markets and its current share price. The $5m commitment previously made to the fund has been cancelled, it added.

"We are scaling back all operations, with the Company's Clean Technology Division, along with most of the offices in China, closed and operations wound down," it said.

Industrial services and rental company Northbridge said sales order book is at a record level and its results for the first quarter are ahead of the same period last year.

The group said all its acquisitions from 2007 are trading in line with its expectations and will make good contributions for the full year.

"In addition, our operation in the Middle East has made an encouraging start and will shortly exchange contracts for new premises in the Jebel Ali Free Zone of Dubai. This will enable us to accelerate the growth of the Middle East business," said the group.

Pharmaceutical group Sinclair Pharma said performance since the half year is in line with expectations and it remains confident about the outlook for the full year.

"We clearly see momentum gathering within the business and a growth in our revenues. With substantial revenues anticipated in the second half of the financial year we are in an excellent position for continued growth,” added CEO Michael Flynn.

European Goldfields remains upbeat despite revenue and profits falling in the first quarter of 2008. Pre-tax profits were $4.26m down from $5.67m. Revenue fell from $17.1m to $12.7m.

"The quarter ended 31 March 2008 saw a significant advance in the environmental permitting process at Certej, and European Goldfields' first entry into Turkey in a Joint Venture with Ariana Resources. The increased reserve at Stratoni underpins our capital investment in the project," chief executive David Reading said.

Mineral exploration firm African Minerals saw losses increase to $42.3m from a loss of $5.8m last year due to higher cost of sales and exceptional charges.

Refractory specialist Dyson has appointed Christopher Kinsella as Group Finance Director with effect from 1st September 2008. Kinsella,52, has held an executive role at TI, the engineering company, since 1997.

Mining exploration firm Titanium Resources saw pre-tax losses for the year increase to $17m from $1.47m previously due to higher finance costs. Sales rose to $67.8m versus $51.3m.

Soft drink maker Nichols said the first 17 weeks trading in 2008 have been in line with its budget expectations and slightly ahead of the same period last year, despite strong comparatives for April 2007.

“At this early stage we are pleased with progress year to date and are on track to deliver further progress in the full year,” it said.

Property group Town Centre Securities said third quarter trading has been in line with expectations in spite of very challenging times for the property sector.

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