Clean Air Power, a combustion technology developer, has announced that supermarket chain Sainsbury has increased its order for an additional 10 units of Clean Air Power's Genesis Edge Dual-Fuel system, which is used to reduce CO2 emissions and fuel costs. This additional order will be delivered during the current financial year. This order will take their total to 24 trucks which will operate using bio-methane gas which has been produced from landfill waste.
ZOO Digital Group, a film software firm, has traded in line with expectations during the second half of the financial year, and expects to report turnover of $11.2m (2011: $13.8m) for the year ended March 31st. Earnings before interest, tax, depreciation and amortisation (EBITDA) for the half improved to $1.0m, compared to a loss of $0.4m the previous half. An adjusted operating loss in the previous half of $0.9m turned to a profit of $0.2m this year. Full year EBITDA is set to be $0.6m with an operating loss of $0.8m.
Hasgrove, a digital and communication services group, has posted a 2.4% rise in revenue to £22.8m, and a pre-tax loss of £3.0m, (2011: profit of £1.1m) following a "challenging year" and the impact of a goodwill impairment charge of £2.7m. The company admitted it was a "very disappointing year" and blamed a combination of delayed client spending and overruns on two significant business solutions projects, which resulted in changes to the way the group operates. Basic loss per share was 12.9p (2010: earnings per share 2.6p) and the proposed dividend doubled to 1p per share. Net debt was reduced from £6.7m to £1.5m, helped by the sale of the public affairs and strategic communications division, Interel, for €9.5m. "More than 25% of the group's expected profits for 2012 have been generated in the first quarter, substantially more than in previous years," the firm said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Sarantel, the maker of high-performance GPS antennas for mobile phones and other devices, has posted first half revenues of £0.9m (2011: £1m) with a net cash balance at March 31st of £0.2m and said it received a further £165,000 tax credit during April. Production revenues increased by nine per cent during the first-half, with significant growth in the military market. However, development revenues in the first-half decreased as the group completed several large military development projects at the end of the financial year 2011. An order announced in February is expected to have a material impact on second half revenues.
Solid State, an AIM-listed supplier of technical equipment, has said that while sales for the full year ended March 31st are expected to be in line with market expectations, pre-tax profits are actually expected to be ahead of expectations due to the sales mix being weighted towards higher margin products in the last two months of the financial year. The pre-tax profit for the year is now expected to be in the region of £1.6m. Order intake remains strong with the order book at £10.5m. The comapny said it intends to continue its progressive dividend policy and will be recommending a final dividend in its preliminary announcement.
Vislink, a global technology business, has welcomed a new Group Finance Director in the form of Ian Davies, who will join the board on Augst 9th 2012. He joins the firm from Victoria, where he was Group Finance Director since 2007. He will replace James Trumper, who is leaving the company after twelve years.
Cambria Automobiles, a franchised motor retailer, has posted a year-on-year fall in revenue for the six months ended February 29th, from £184,2m to £166.9m. Underlying pre-tax profit was £1.1m, compared to £2.6m in the same period the previous year, the expected result of weaker new car volume and profitability. New vehicle unit sales decreased 9.8% year-on-year to 3,502 from 3,882 in 2011. Net debt at the end of the period stood at £1.0m, while group assets were £19.7m. The firm described the performance as "relatively resilient against a difficult market backdrop". The company emphasised its confidence going into the second half of the year, saying it was well-equipped to deal with the short-term challenges.
Toys and games company Character Group has seen a fall in proft before tax for the six months ended February 29th after revenues dropped to £44.25m (2011: £58.10m). Pre-tax profit was £5.57m (2011: £6.64m), equal to earnings per share of 19.34p (2011: 20.28p). Despite this, the dividend was increased by 0.3p to 3.3p per share. The firm attributes the reduction both to the changing trading environment at retail and sales of the "Zhu Zhu Pets" returning to a more stable and sustainable level in the half year being reported. "There is no disguising the fact that the retail trade is, with few exceptions, finding it difficult to work its way through the current trading climate," the firm said. But added that it believes it can achieve a "very satisfactory result" both for this Christmas and the next financial year.
Mecom Group has reported a 12% fall in advertising revenues, but said non-advertising revenues remained stable, as a result of a 1.2m strong subscriber base. Despite this, overall revenues during the first quarter of the year decreased by six per cent year-on-year and the company said it expects current declines in advertising markets to continue, but plans to offset this through cost reductions. Costs during the quarter were reduced by five per cent - the company is planning to reduce its costs by €70m by 2014. The group also expects a modest reduction in EBITDA for ongoing operations in the full year after EBITDA in the first three months of 2012 was €3m below the comparable period in 2011. The sale of its Edda Media business is expected to boost earnings in the first half of the year.
NR
