Aptly named restaurant group Tasty has agreed a 2.5m-pound three-year revolving bank facility which will allow it to continue the expansion of its restaurant estate.
Shares in gaming firm Sceptre Leisure plunged over 50% as it announced plans to cancel its listing on AIM, saying the share price does not reflect the value of the company and calling an emergency meeting at which shareholders will vote on the matter. The directors, who hold a collective 38.45% of the issued shares, have already pledged to vote in favour of a cancellation. 75% of votes need to be in favour in order for the cancellation to go ahead. The firm also blamed poor market conditions and the costs of listing on AIM for its decision. The stock was once above the 100p mark but in recent months had fallen to around 13p and on Thursday plunged to just 6p.
Marketng and advertising firm Adventis Group has reported a significant reduction in its bank indebtedness, which has fallen from £2.2m at the end of 2011 to £1.5m. However, the company admitted that it had been unable to secure sufficient commitments from new investors to carry out a proposed equity fundraising which it had hoped would generate around £3.0m. The company is now looking to sell its technology division as a way to repay its bank debt. The firm said it believes the two technology businesses could be sold for more than enough to cover the amount it owes to the bank.
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Construction firm Titon Holdings made a significant loss during the half year ended March 31st of £0.4m (2011: profit £0.29m) on revenue of £7.5m, slightly lower than £7.56m the same period the previous year. Cost of sales rose slightly from £5.8m to £6.0m. Earnings per share fell from 59p to a loss of 2.79p, but this didn't stop the company declaring an unchanged dividend of 1p per share. Cash levels fell from £3m to £2.2m. The firm admitted that it does not anticipate a significant recovery in either UK or overseas markets in the second half year, saying that "accordingly, we will take measures to reduce our overheads in the period consistent with the current economic climate".
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Equatorial Palm Oil has halved its full-year losses to $2.2m from $4.4m for the twelve months ended December 31st after it achieved its maiden revenues of $0.385m from its first crude palm oil sales. During the year the company planed 1,100 hectares of new oil palms, committed to a cash injection of $30m as well as to an additional £30m loan facility agreement. In a statement the firm said: "The palm oil market fundamentals continue to look positive, with significant shortfalls in production at a time when demand is expected to continue increasing. The palm oil price continues to strengthen, pushing towards the highest recorded pricing in the last twelve months." Cash levels dropped significantly from $6.8m to $1.3m.
Fresh fruit and flower importer Fyffes has performed well in 2012 so far, increasing its target EBITA (earings before interest, tax and amortisation) range for the full year 2012 to €25m-€30m, from €22m-€27m previously, and compared to €23.2m in 2011. This, the firm points out, equates to adjusted earnings per share of between 6.80 and 8.30 cents, compared to 6.05 cents in 2011. "The industry has experienced further cost inflation during the period, including higher bunker fuel costs, and less favourable exchange rates," the firm said, attributing its improvements to "operational efficiencies, a continued focus on costs and returns on the group's significant investment in the business in recent years".
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