LONDON (ShareCast) - Shares in energy meter provider Bglobal saw full-year pre-tax losses widen and proposed to raise about £2.5m through a placing and subscription of new shares.
The group said it would raise place the new share at 20p each to provide additional capital to support the recent increase in order pipeline and the increase in installations anticipated over the coming months.
Pre-tax losses rose to £3.47m in the year ended 31 March from a loss of £2.38m the previous year. Turnover increased by 60% to £4.50m.
“The board remains confident of the outlook for the group particularly as a result of the recent increase in order pipeline to 140,000 meters and increased visibility of meter installations in the coming months,” it added.
Griffin Mining said production quantities in the second half of 2008 are not expected to exceed those achieved in the first half of 2008, which with lower zinc prices are likely to result in reduced revenues.
The group said as a result of disruptions to transport and manufacturing in the Beijing area with the Olympic games, delivery of critical items of plant for the upgrade of the processing facilities at the Caijiaying Mine have been delayed.
“As a result completion of the upgrade is not now expected until the end of 2008. Delays have also been experienced in accessing and developing the lower levels of the mine where higher grade, particularly gold, mineralisation is expected,” said the group.
The group added that in accordance with the joint venture terms, its share of the profits from the Caijiaying mine will be reduced from 100% to 60% with effect from 25th July 2008.
Video calling specialist iPoint said contract delays will result in the group reporting an unaudited loss for the half-year of approximately £0.75m.
The group said slippage has occurred as a result of the major telecommunications companies taking longer to commit funds to prospective 3G video calling related projects.
“Accordingly, contracts which the Company expected to be signed in the first half of the year have not yet been signed,” it said.
Caza Oil and Gas said the second well of a four well programme, the Glass Ranch B #1 in Upton County, Texas, has successfully encountered hydrocarbons.
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