AVA.L Share News (AVA)

Intelligence gathering solutions DATONG expects first half profits to meet expectations, as activity in the Americas, UK and European markets is offset by slower order intake from third party products in the 'Rest of World' territories.The group said revenues in third party products reflect "protracted procurement cycles and budgetary delays in certain countries.""Whilst economic conditions continue to impact funding of defence and security budgets on an international scale, DATONG's position in the intelligence gathering sector has supported a solid performance during the first half year period in the group's traditional geographic markets," says chief executive officer Dean Blood.Shares in electronic components group Solid State soared after it was awarded a £1.2m order from a "leading global defence, security and aerospace company" for command and control systems for the defence market.The firm also announced that the strong trading has continued results for the second half will be comparable with first, excluding costs of £150,000 due to the relocation of its battery products and industrial computer unit, final acquisition costs of Rugged Systems (purchased last April) and restructuring costs of its 'Supplies' division.Unit sales volumes at Turbotec, the heat exchanger manufacturer, have grown in the past five months, and the group expects results for the year ending 31 March to be slightly ahead of market expectations. While rising raw material costs have been passed on to customers over the period, Turbotec warns of increased pricing pressure looking forward, "due to signs of growing competition in the market."Investment management firm Avanti Capital narrowed its first half loss before exceptional items, excluding the consolidation of Eclectic Bars, to £288,000 from £683,000 in 2009. Profit on a consolidated basis rose to £222,000 from £19,000 and net assets dipped a touch to £11.8m.Avocet Mining reports significant results from the initial follow-up drilling at the Koulékoun gold deposit in northeast Guinea. "These early results indicate that Koulékoun is an even more promising prospect than suggested by the historic drilling data. Avocet looks forward to publishing further drilling results and the resource update, due in the second quarter, which should show that we are well on the way to advancing this prospect towards the feasibility stage," Brett Richards, chief executive said.Ship owner Hellenic Carriers has warned that current pressure in the freight market will affect earnings and profitability short-term, though further out it will probably help the prospects of dry bulk shipping." We also believe that this pressure may create real opportunities on the acquisition front of modern, primarily second hand, vessels", it said.Revenues in 2010 were flat at $58m with operating profits up to $32.9m from $23.9m. Net income was $27.5m, $18.1m, and the dividend for the year is 7.6p.Fund manager RAB Capital's losses rose further to £19.4m after tax (2009: loss £3.1m), while assets under management fell to $1.06bn. Revenue was down 15% to £11.9m (2009: £13.9m.) "As we indicated in September last year, we took proactive steps to restructure our business significantly so as to be in a position to return to profitability. We start 2011 much leaner and more focused, and I am confident in the prospects for our strategies," RAB said.