Date: Wednesday 02 Jul 2008
LONDON (ShareCast) - Nappy and protective clothing producer Fiberweb has performed in line with expectations in the first half of 2008. The company said the introduction of new lines and the benefits from its cost reduction programme should have a positive impact on profitability in the second half.
Total sales in the first half of 2008 have been marginally ahead of the first half of last year, at constant exchange rates, with growth from hygiene products more than compensating from lower sales to the US and European construction markets.
Although raw material costs have risen, particularly in the US, the company has managed to maintain margins at expected levels by improving efficiency and passing on costs to customers.
Telecommunications devices services provider Cybit said trading during the year has been strong as it successfully integrated two further acquisitions
Pre-tax profit for the year increased to £1.69m from £0.64m previously on turnover that rose 48% to £19.67m.
“We will look to take advantage of the current climate in order to continue building the scale of the business through further acquisitions,” said the group.
Independent Resources said it has been awarded a key contract by one of northern Italy's biggest gas users to store natural gas in its planned Underground Gas Storage facility at Rivara in the Po Valley.
PuriCore, the developer of natural germ-killing products, said its Sterilox Foods Safety division has extended its contract with one of the top-five US supermarket chains.
The new agreement, worth $8.6m, extends various lease arrangements scheduled to expire between August 2008 and October 2009, to the fourth quarter of 2011.
Sharply lower sales meant higher losses at product identification specialist Block Shield.
Losses rose to $4.7m from $3m on sales down to $6.4m from $10.6m. Block Shield blamed the disappointing sales on delays in orders coming through, slower than anticipated growth in the development of the RFID market and a slowdown in demand for medical devices in the US, which impacted direct sales its electro-magnetic products.
"In summary, whilst our revenues were below expectations, the period was one of significant achievement for the group as we laid the principal foundations for our future growth, " the group added.
Hidefield Gold says it recently completed a Phase III drilling programme at the Don Nicolas gold project in Santa Cruz Province, Argentina and gold mineralization was intercepted in all project areas.
ClearSpeed Technology said Chris Allen, the group's financial controller, will become chief financial officer with immediate effect, replacing Andy Kroese who will leave both the board and the company.
The group also said it had revenue of £438,000 in the first half of the year, up 206% over the same period last year.
Strategic Natural Resources has sold a 26% stake in its Elitheni Coal unit, giving it the required black economic empowerment (BEE) holding needed to be granted a mining license in South Africa's Eastern Cape.
Shares in Forum Energy were nearly 80% higher after the Philippine-focused oil and gas group said it was considering a 48p a share offer from Philex Mining subsidiary Philex Petroleum.
