FTO.L Share News (FTO)

Last month's snow has cost no-frills regional airline Flybe about £6m in lost revenue on cancelled flights and cost for delays, diversions and additional de-icing.The company, which floated in London in December, said almost 2,000 flights were cancelled - 16% of the planned flying programme - although the underlying performance, excluding the weather-related disruption, is in line with expectations.Speciality drugs group Alliance Pharma grew turnover by about 60% in 2010, pushing profits past forecasts, following a "good" second half. Turnover for the 12 months to 31 December 2010 was "close" to £50m and pre-tax profit is seen "slightly" ahead of current market expectations. Full-year results are out on 23 March.Kazakhstan-focused oil and gas company Roxi Petroleum has now received all the US$15.6m owed to it from the sale of its 40% interest in Galaz and Company to LG International (LGI). It has also been given access to $17.5m of loan financing from LGI to keep developing the NW Konys field.LXB Retail Properties, the closed-ended real estate investment company focused on edge of town and out of town retail assets, lost £1.65m in the year ended 30 September. Net asset value per share was 94.19p and cash deposits stood at £52.5m. "Even though the UK's economy may experience further turbulence before anything approaching normality returns, I believe we will be announcing more value creating acquisitions and developments over the course of the next 12 months," said chairman Phil Wrigley.Shares in Braemar Shipping Services were sitting a bit lower in the water Wednesday morning after the group announced a fall in freight rates and vessel values in the main wet and dry bulk shipping markets over the last two months.The group said that it has a significant number of new buildings as well as second hand vessels delivering in the next few months and the results for the year will depend in part on the timing of these deliveries.Fortune Oil is making good on its pledge to actively pursue overseas investment opportunities related to the demand for energy and resources in China, and has bought a 35% stake in Armenian iron ore miner Bounty Resources Armenia.Fortune is paying $24m for the stake and has the option to increase its holding to 50% at the cost of an additional $16m.Bounty Resources Armenia controls three iron mines with proven, probable and inferred reserves of 1,832 million tons."The ever growing demand for resources in China, in addition to these mines containing a significant amount of reserves, makes this a very exciting opportunity," said Tee Kiam Poon, chief executive of Fortune Oil.Bakeware and kitchen accessories maker Metalrax cooked up a surprise for shareholders on Wednesday when it said results for 2010 will be ahead of expectations. "The second half of 2010 will show the group being profitable and demonstrating an improved performance over the first half and the corresponding period in 2009. Borrowings will also be below those reported in the 2010 Interim Report and 2009 Annual Report," the company said. The directors are optimistic about prospects for the current year, and believe that the company's core markets have "begun to stabilise".