Anglo Asian Share News (AAZ)

Security and surveillance systems firm Petards saw profits drop for the half year but said the outlook for the second half is stronger with full year profits seen in line with expectations.Profit before tax was £242,000 against £305,000 in the same period last year on revenue that slumped to £6.6m from £10.5m. The group said reduction in revenues compared to 2008 was anticipated.'Due to the timing of the receipt of orders, the final quarter is expected to be a particularly busy period,' said the group.Shares in Gemstones of Africa fell sharply after the miner, which is focused on Tanzania and specialises in emerald, ruby and sapphire, as pre-tax losses for the year to June 30 widened to £95,000 from £22,000 over the same period the previous year.Norman Hay, which makes coatings to prevent corrosion, saw pre-tax profits plunge to £433,000 in the six months to June 30 from £1.79m over the same period the previous year as revenue fell to £12.4m from £13.7m amid a sharp slowdown in industrial activity.Shares in Driver are down 10% after the provider of dispute resolution services to the construction industry said trading in the second half has been 'very challenging.'Half-year pre-tax profit fell by a quarter to £229,000 at Mercury Recycling, the firm which recycles sodium street lights and fluorescent light tubes. Revenue eased to £1.47m from £1.51m in 2008.'The figures are down on the same period last year, but, given the extent of the current economic downturn, I believe the results are satisfactory,' said chairman Lord Barnett.Lamp sales are down around 30%, which inevitably impacts on the numbers coming through for recycling. 'The second half results may well reflect these continuing problems,' warned the firm.Norseman Gold fell back Friday after admitting production for the quarter to 30 September would be about 16,000 ounces of gold, less than expected.But the firm is maintaining guidance for the full year to 30 June 2010 of between 75,000 ounces and 80,000 ounces of gold at a cash cost of between A$720-780 an ounce.Omega Diagnostics is easier on news it has raised £1m before expenses, or £884,000 net, through an oversubscribed conditional placing at 20p a share.The proceeds will fund the £400,000 acquisition of Co-Tek (South West), which produces various tests for diagnosing bacterial diseases. The other £600,000 will strengthen the balance sheet.Anglo Asian Mining narrowed interim losses to $1.96m from $2.43m in 2008 and said it will report first turnover in the second half after starting gold production in Azerbaijan in May.Production should be about 2,200 ounces in September, but the group said it could struggle to hit October's target of 3,300 ounces due to problems with crushers.Weatherly International noted the recent increase in its share price and confirmed that other than the signature of a non legally binding letter of intent with East China Mineral Exploration and Development Bureau (ECE), it is not in possession of any price sensitive information which the market should be made aware. The ECE is to subscribe for new ordinary shares to acquire an interest of approximately 50.1% of the company's enlarged issued share capital.Television production firm Motive Television said its Dublin-based production unit has won a €1.725m three-year contract with Irish TV network TV3 to produce 38 live European football matches. Green energy producer Renewable Power & Light (RPL) saw pre-tax losses narrow to $2.3m in the first half of 2009 from $2.8m a year earlier on zero revenues. 'With the pending sale of the power stations and the expected disposal of the biodiesel equipment, the board is in the process of determining the appropriate staffing and board composition to implement the investing policy of RPL and determine the timing of a further capital distribution to shareholders,' said chairman Michael Reynolds. A distribution is expected to take place before the end of this year.Diamond mining and exploration company Firestone Diamonds said substantial progress has been made with bulk sampling at its BK11 tailings project in Botswana. The company said 250,000 tonnes have been mined since July at a rate of 5,000 tonnes per day.Meanwhile, talks with Debswana on toll treatment at its Jwaneng tailings project in Botswana are progressing towards the target for agreement to be signed in the fourth quarter of 2009. 'With the company fully financed to production at BK11, and with prices in the rough diamond market continuing to recover from their recent lows, we remain confident about Firestone's prospects,' said Philip Kenny, chief executive officer of Firestone Diamonds.