Laser machinery maker Somero Enterprises has announced that trading in the first quarter of the year has been 'significantly' ahead of expectations as a result of an upturn in underlying demand.
Consequently, the board now believes revenues are likely to be some 15% ahead of current market expectations for the full year ending December 2012. If demand continues during the second quarter of the financial year, the company is planning to add some costs in training, marketing and sales initiatives to take full advantage of a stronger sales environment. Shares were up 15%.
Outsourcing firm Quindell Portolio has revealed that its pipeline for insurance business process outsourcing deals has now reached a record level. The group is consequently in discussions with multiple insurance players regarding outsourcing arrangements that in each case could deliver multiple tens of millions of pounds of revenues per annum. "Total pipelines in this area are capable of organically more than doubling in 2013 the group's current run rate revenues including those of the recently acquired businesses," the firm said. First quarter trading has been in line with market expectations.
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In addition, Quindell has agreed the terms for the acquisition of the companies comprising Overland Health, for £14m to be satisfied by the issue of 140,000,000 Quindell shares, issued at a price of 10p per share, representing a premium of about 50.9% on Wednesday's closing price.
MDY Healthcare has confirmed that it will pay 52p per ordinary share to shareholders following its hearing in court regarding the proposed cancellation of the company's share premium account and reduction of its share capital.
Specialist Energy Group, an engineering firm, has reported a 5% rise in order intake to £31.6m for the year ended December 31st. However, pre-tax profit fell from £2.9m to £1.7m, while group revenue fell 16.7% from £38.5m to £32.1m. This was partly the result of a poor performance by the manufacturing division with revenues down £5.7m to £12.9m resulting in an operating loss of £1.0m. Net debt was higher at £10m (2010: £6.7m).
Hydrodec Group, the "clean" oil re-refining group, has reported a 26% increase in revenue to $22.4m and gross unit margins up 31% at $0.25 per litre. However, cost of sales rose $3.5m, contributing to an increased loss of $11.9m (2010: $9.7m). Loss per share increased from 2.86c to 3.20c. "During the year the business improved steadily, operationally, commercially and financially especially in the US. By the year end, this stronger performance had given us confidence that the business is now on a more stable commercial platform, with further scope to grow," the firm said.
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