Xp Power Share News (XPP)

Chemical group Elementis saw profits slump in the six months to June 30 as the global downturn hit demand for the firm's products.Elementis, which specialises in chromium and rheological additives posted a pre-tax profit of £2.2m compared with £26.8m over the same period the previous year as revenues slipped to £172.2m from £186.9m.The firm maintained its dividend of 1.5p saying it expects to make progress as the economy recovers. Steam cleaning technology specialist Proventec dived into the red in the year to March 31 after writing down the value of its assets. Turnover increased to £15.4m from £14m the previous year, but the firm had to write down the value of its assets by £26.7m and posted a pre-tax loss of £28.65m compared with a profit of £1.34m previously.XP Power, which manufacturers power controllers for electrical equipment, saw pre-tax profit slide to £3.6m from £6.4m before as sales slipped to £33.1m from £34.8m. But shares rose as the group said the launch of its second in-house manufacturing facility in China in the first half will play a "crucial role" in helping drive its revenue growth going forward."Looking ahead, we expect that the ongoing implementation of our strategy will continue to underpin our resilience whilst simultaneously positioning the Group to prosper in the eventual cyclical recovery," it added.AT Communications has appointed administrators "having carefully considered the financial position and prospects of the company".Back in June, the business communications group asked for its shares to be suspended with immediate effect pending clarification of its financial position.