Griffin Mining ShareCast News (GFM)

Griffin Mining posted a rise in profits in the year to December 31 despite a slide in revenues following the collapse in metals prices in late 2008.

The company, which operates the Caijiaying zinc-gold mine in China, posted a pre-tax profit of $7.2m, up from $7m in 2008, even as revenues fell to $25.4m from $32.1m.

Griffin said it shut down Caijiaying in the first half the year, which enabled it to improve the mine's efficiency once it re-opened in the second half and metals prices had recovered.

Bermuda-based oil group Energy XXI saw third quarter earnings before interest, taxes, depreciation, depletion and amortization rise by a third from the same period a year ago to $87.3m.

'This quarter's results benefitted from our December consolidation of interests in our key Gulf of Mexico shelf properties and reflect the advantage of having an oil-focused production portfolio,' chairman and chief executive John Schiller said.

Investors have welcomed news that respiratory disease drug developer Synairgen's inhaled interferon beta (IFN-beta) to treat rhinovirus infections in asthma and chronic obstructive pulmonary disease (COPD) has been granted in Europe.

"The European patent grant and the US patent granted last year are key ingredients in the out-licensing package," said chief executive Richard Marsden.

Deltex Medical, whose Oesophageal Doppler monitoring equipment is used to measure blood flow in surgery patients, has received a forward order for probes worth at least $204,000 over the next six months.

The disposable probes, used with Deltex's CardioQ-ODM system, are placed into the oesophagus through either the mouth or nose and help calculate how quickly blood is flowing. A reduction in circulating blood volume can be deadly.

South Africa-focused ferrochrome producer International Ferro Metals, which has its head office in Sydney, thinks it will not be affected by Australia's proposals for a supertax on mining companies.

'As all of IFL's operations and resources are located in South Africa with no mining activities undertaken in Australia, IFL believes, having consulted with its advisors, that it will not be liable for the newly proposed resource rent tax,' it says.

Personnel software provider Allocate Software has bought Dynamic Change, a compliance and performance management software developer focused on the UK healthcare market.

Allocate will pay up to £9m over three years for Dynamic Change, with £4.9m in cash and £0.1m in shares being paid upfront. The company is being acquired with cash balances and receivables of around £1.6m, largely reflecting deferred income which arises from subscriptions paid annually in advance.

Clapham House, the restaurant group that owns the Gourmet Burger Kitchen (GBK) brand, is to raise £2.2m from a placing of 3.73m shares at 60p each. The funds will be used to accelerate the expansion of the GBK chain.

Product development software specialist Sopheon has sealed 12 new and extension licence orders so far in 2010. Since the company's last trading update on 24 March revenue visibility for the full year from contracted business and recurring revenue streams has risen to £5.6m from £4.8m.