Global Petroleum Share News (GBP)

Shares in provider Strategic Thought, which provides risk management software to large organisations such as the miner Rio Tinto and the London Underground, fell after it said results will fall short of expectations as a result of slippage in two major contracts.It expects revenues for the year to March 31 to total £8.2m up from £6.0m the previous year.Shares in tubing group Tricorn jumped after it said pre-tax profits will be ahead of expectations after debt reduction measures lowered borrowing costs.'Market conditions in our energy and transportation segments have been steadily improving, with demand toward the end of the period being particularly encouraging,' the company said. 'Orders within our utilities segment also increased in the final quarter, which, combined with the above, have more than offset the lower activity levels within our aerospace segment.'High technology tools and systems developer Oxford Instruments issued a brief statement Thursday saying the board is confident that the group's full year performance will be in line with expectations.Oil explorer Range Resources said site preparations have started for the commencement of drilling of the Russell-Bevly Unit #1 well in Nueces County, Texas.Transport group Rotala failed to make an acquisition, for once, in 2009 but still saw revenue grow 14%.Revenue for 2009 improved to £40.56m from £35.68m in 2008. Profit before tax and intangible asset expenses, share based payments and debt finance costs climbed to £1.53m from £1.20m. "Undoubtedly the recession has had an impact on bus usage, especially in the West Midlands, but we have continued to grow our revenues against this trend. The pressure on government and local government finance is bound to be an important issue in the year ahead, but I believe that market conditions for a business based on public transport in its various forms are generally favourable," said John Gunn, non-executive chairman.Trading in 2010 has been in line with management expectations.Mail and parcels group UK Mail Group said the market share of its parcels business continued to improve in the second half of its financial year, which runs to the end of March.The fourth quarter saw group revenues running at a level 2% higher than the year before which should mean that full year revenues will be in line with the previous year's level.Derivatives software provider FFastfill said profitability for the year to March 31 will be below expectations due to delays in new income.Global Petroleum said it has started drilling at the Olmos reservoir in Texas. If successful, the well will be the sixth oil and gas producer in the zone, it said.Gooch and Housego, which makes optical components and systems, said trading in the year to March 31 was ahead of management expectations 'as a result of a continuing recovery in our core markets and growth in new business, particularly in the aerospace & defence sector.'