FTO.L Share News (FTO)

Insurance broker CBG warned this year's revenue is likely to be lower than market forecast and as result, adjusted profit before tax is expected to be significantly below current expectations.The market background for the insurance broking division remains highly competitive and margins remain under pressure due to a combination of increased competition and difficult economic conditions, it adds.Online gamer GVC expects 2010 results to be in line with market expectations, with a final dividend to be in line with the €0.10c dividend paid in October. The CasinoClub brand saw average daily revenues of €78k in Q4-2010 against €81k for Q4-2009, with an especially strong December. Sports wagers rose by 41% to €205k per day in the last three months but margins have suffered, falling to 6%, following a run of unfavourable sports results.Aim-listed film producer InTandem swung into a net profit of £3.3m in the year to June against losses of £1.9m after a £3.9m sale of five films in a library. Operating losses fell to £642,000 from £992,000."The company has developed a slate of 20 new films for which it has been appointed as an executive producer and international sales company with total budgets in excess of £150m," chief executive Gary Smith said. Dart Energy has exercised its option to increase its equity stake in Fortune Oil's Fortune Liulin Gas (FLG) Co to 45% for $8.7m following "encouraging" technical and commercial progress on the coal-bed methane (CBM) Liulin Block in China.The money is payable in two equal tranches before 30 March 2011 and Fortune will hold the remaining 55% in FLG.Energy services group Hunting says the commentary and results guidance provided in October remains valid, with trading operations on track to deliver results in line with expectations. Ithaca Energy has bought UK North Sea gas interests from GDF Suez E&P UK Ltd for £6.7m in cash, giving it immediate operatorship of the Anglia field, and the Opal and Garnet undeveloped discoveries. The adjustment accounts for free cash flow generated by strong production throughout 2010 since the effective date of 1 January 2010. The unadjusted deal price, first flagged in August, was £11.25m.Melrose Resources is forecasting an average daily production rate in 2011 of 21.7 million barrels of oil equivalent per day (Mboepd) on a net entitlement basis, assuming a Brent oil price of $75 a barrel.The prediction, comprising 87% gas and 13% hydrocarbon liquids, is up 24% on this year's expected number of 17.5 Mboepd.Output on a working interest basis is forecast to hit 44 Mboepd, about 8% higher than the current 2010 market guidance of 40.7 Mboepd.Shares in Bezant Resources moved ahead after it announced an ore resource and mineable inventory statement for its Mankayan copper/gold project in the Philippines. It showed probable ore reserves of 189m tonnes at 0.46% copper and 0.49 grammes a tonne of gold. Total recoverable metal reserves amounted to 811,000 tonnes of copper and 2.21m ounces of gold. But GMA Resources' shares fell back after an update from its Amesmessa Gold Mine within the Tirek-Amesmessa Concession in South West Algeria."Our view remains that the Tirek-Amesmessa Concession is a wonderful exploration opportunity for a large tonnage gold deposit despite the existing struggling mining operation," said chief executive Ken Crichton.Shares in Redstone moved ahead after the managed services group narrowed losses in the half year to 30 September.Pre-tax losses were down to £1.53m from £5.41m over the same period the previous year on revenues that dropped to £32.4m from £36.9m.Chairman Ian Smith says the company is well-placed to take advantage of any opportunities that 'may arise from the economic fallout' in the information and communications technology sector.