Park Group PLC Share News (PKG)

Telecoms services provider Alternative Networks reported lower revenues and profits as its small business customers spent less. Revenues fell 4% to £89.7m. Cutting £1m from operating costs helped to reduce the effect on profits, although lower interest rates hit interest income. Underlying pre-tax profits fell from £10.6m to £9.07m. Organic growth will continue to be hard to come by. Alternative has net cash of £8.1m, after spending £1.3m on share buy backs. Total dividend increased from 4.6p to 5.1p a share. Oil and gas explorer Ascent Resources is ending its asset management agreement with Switzerland-based investment company San Severina Holdings following the untimely death of the San Severina executive chairman. The agreement was announced just over one year ago. The joint venture was going to acquire minority interests and provide funding for producing and development assets. Ascent would have gained a carried equity participation in the projects in return for managing them. San Severina was expected to provide up to €100m of investment. The first investment through this agreement was meant to be in AIM-quoted Nighthawk Energy's Jolly Ranch project. San Severina failed to make the investment in the required time. Indian Film Company reported lower revenues in the six months to September 2009 because of a dispute between film makers and the cinema owners in India. New revenue sharing terms were agreed in June but the release dates of films had to be put back. The film investment company released three films in the first half and revenues were £9.63m, against £15.4m in the first half of the previous year when more films were released. There was a loss of £3.12m, compared with a profit of £1.63m. Costs of marketing films not released in the period exacerbated the loss. The second half should be much stronger with six releases planned. Cash flow should be stronger as well. Net cash was £210,000 at the end of September 2009. Network 18 Holdings made a mandatory cash offer for IFC at 40p a share during the first half. It owns just over 80% of IFC but intends to retain the AIM quotation. Vouchers and Christmas hampers supplier Park Group always makes a loss in the first half. The interim loss increased from £3.58m to £4.17m in the six months to September 2009 even though revenues were 6% higher at £34.2m. The problem was much lower interest rates on its cash pile. Growth is coming from new areas such as pre-paid cards and online operations. Low interest rates are having a similar effect on stockbroker Jarvis Securities. Trade volumes are two-thirds higher but it will not be generating as much interest income as before. Broker and investment manager Merchant Securities has moved into profit in the six months to September 2009 and management expects to build on this progress. Revenues were 37% higher at £3.27m, while a loss of £582,000 was turned into an underlying profit of £289,000. Funds under management were 70% higher at £152m. Net cash was £2.2m at the end of September 2009.