Mediazest Share News (MDZ)

Display advertising and screens provider Mediazest's pre-tax profits slide in the year as administrative expenses were too high, prompting the firm to undertake further cost cutting measures. The group also said first half of 2009 has seen a drop in activity as a consequence of the economic downturn and in particular its impact on the retail sector.Pre-tax losses rose to £605,000 against £497,000 last year on turnover that rose 15% to £4.4m. "The directors recognise that further cost cutting and reorganisation is required. As result the board have instigated and executed a restructuring plan to reduce administrative overhead to £1.5m in 2009 with further reductions as deemed necessary thereafter," it said.Pharmaceutical firm Renueron reduced losses for the year to £3.7m from £6.6m before as it cut costs during the period. "As a result of the above cost reduction and financing activities, we expect our current financial resources to last into the second quarter of 2010," said the group."Based on current and anticipated progress in the business in the near term, the directors also expect to secure further financing from equity issues and other sources sufficient for the future needs of the business beyond the second quarter of next year," it added.Atlantic Coal, the opencast coal production and processing company, said it has worked hard to overcome a number of operations issues that hindered production at its primary asset, the Stockton Colliery in Pennsylvania. Pre-tax losses for the year rose to $3.9m from $3.6m last year as performance was impacted by lower raw coal production from the mine. Revenue came in at $2.2m from $2.5m before.Shipping services firm Clarkson said trading has continued in line with the board's expectations.Specialist business research company IQ Holdings reported a widening in pre-tax losses but said measures to improve profitability "should begin to bear fruit in the coming months." Pre-tax losses in the six months to March 31 rose to £298,000 from £258,000 even as revenues rose to £980,000 from £461,000, after trading fell short of expectations."The focus for IQ Research has been on reducing costs, the net effect of which should be a business reduced in size, but operationally profitable moving forward subject to market conditions," the firm said.Sensor and electronic components firm TT Electronics has had a tough first half to 2009 but said it traded profitably in May and June as the company's cost reduction programme began to bite.Following the decision to exit from the climate control business, the group has sold the Forest Farm site in South Wales for a cash consideration of £2.3m. The company added that, despite costs associated with the group's restructuring programme, net debt at the half-year stage is lower than at the beginning of the year.Boundary Capital plunged by a third Tuesday after the investment firm saw losses grow to €54.7m in 2008 from €2.7m the year before, and said it had drawn down €37.7m of an increased €38.6m debt facility. The company is in talks to rearrange and extend its debt facility with Anglo Irish Bank beyond today. Nearly €35m of the firm's investment loss was attributed to Arnotts, CJ Fallon and ODC.Pantheon Resources says the Jumonville # 2 well at the Bullseye prospect in Louisiana has been brought into commercial production at an initial gross rate of 750 barrels of oil per day and 250,000 cubic feet of gas.Incorporating the initial flows from Jumonville # 2, gross oil and natural gas sales at Bullseye will treble and double respectively, said the oil and gas group. "This should provide an immediate increase to cash flow."Digital security systems outfit SerVision grew full-year revenue by 15.5% to $4.7m in 2008 and cut its loss by 28% to $1.06m from $1.5m in 2007.It reached breakeven in the final six months of the period.Northwest Biotherapeutics has repeated a previous warning that it will need to raise extra cash to fund its clinical trials and other operating activities and to repay debt.The group thinks it has enough money to fund operations into July. "If the company's capital raising efforts are unsuccessful, this will have a material adverse effect on the company's financial position and operations," it said.White Young Green said trading across the engineering consultancy group remains mixed, but management expectations for the year to 4 July remain unchanged from guidance given on 18 May. The date of the next banking facility covenant test has been pushed back from 4 July to, initially, 31 July 2009, though the board expects to request a further postponement of the covenant test as refinancing discussions with its bankers continue. The margin on the banking facilities has been increased to 3.0% above Libor.Catalytic Solutions has started talks with its banks and potential investors after net losses came in at $20.6m in 2008. Revenue increased 51% to $63m. Financial advisor, Allen & Company is advising the company, which is in active negotiations with lenders to extend forbearance on breach of covenants. A failure to renegotiate payment terms for debt due will result in the company not having sufficient cash to operate, it said.Coatings group Hardide cut losses from £891,000 to £54,000 in the half year to March. Turnover decreased by 30% to £888,000 (H1 2008: £1.26m). In the three months since this reporting period, the group has continued to experience difficult trading conditions and uncertainty from customers, it said.Care home operator Claimar has received a number of indicative bid offers after a strategic review. Losses in the half year to March climbed to £831,000 from £80,000 on revenues of £28.5m, up from £24m. "Whilst organic growth has improved since the half year, which is reflected in revenue in May 2009 being approximately 11% higher than in September 2008, the slower than forecast growth in the first six months may lead to results for the full year, before exceptional items, being below market expectation," Claimar added.Oil and gas company Aminex is to raise £6.98m through a placing and up to £1.82m via an open offer. The company will place 116.3m shares at 6p each and will offer shareholders the opportunity to buy new Aminex shares at 6p each on the basis of 1 new share for ever 8 shares held.The funds raised will be used to supplement working capital and finance the company's exploration and appraisal programme in East Africa, commencing with the drilling of the first well in the Ruvuma Basin of Tanzania at some time in the next three months,Local radio station operator Local Radio posted heavy losses after being hit by a weak advertising market. Pre-tax losses in the six months to March 31 rose to £4.6m from £970,000, as revenue slipped to £7m from £7.5m.Norseman Gold, the AIM-listed and ASX-listed Australian gold production company, has increased its proven and probable reserves estimate as of 31 March by 29% to 0.4 million ounces of gold.