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Looking ahead, the model train maker said it remains confident in the group's strategy. "We recognise that trading conditions in the UK and the rest of Europe continue to be challenging for the foreseeable future. This may constrain sales of our higher ticket Hornby and Scalextric items. However particularly in continental Europe, demand for our model railway products continues to be strong." Incoming Chairman Roger Canham commented: "We are on the way to dealing with the headwinds highlighted in previous trading statements, not least the supply chain challenges. I visited our suppliers in China early in January and believe that the strategy being pursued by the business will result in a much more robust product pipeline as 2013 progresses." "Despite weak consumer spending in our traditional markets, the continuing innovation amongst the core brands, such as the Quickbuild launch and Railmaster app, will place Hornby in a strong position," he added.

Struggling model maker Hornby said sales for the financial year to date remain below the same period last year, as reported in it interim results, but in line with expectations. In November Hornby said it would scrap its dividend following weak half-year results and said it would "approximately break-even" for the financial year after supply chain disruption at one of its largest suppliers in China. Underlying pre-tax profits for the year to March 31st 2013 is also expected to be in line with expectations. Commenting on action taken to mitigate the effects of the supplier causing disruption to its model railway supplies, Hornby said it is now expected to contribute less than 15% of total production in 2013 compared to 35% earlier in 2012. "Despite general weakness in demand, sales of the Corgi and Airfix brands have held up well and shown positive year on year growth," it explained. The group said its remaining London 2012 merchandise has been discounted and the majority has now been sold.

Mixed outlook The outlook for the Environmental Technologies division is "stable", with the company expecting to perform better in the second half than the first. Weak trading in Europe and Japan will continue but should be offset by "promising prospects" in the US. Meanwhile, the underlying performance of the Fine Chemicals division is expected to slip in the second half. "The group's steady underlying performance is expected to continue for the rest of the financial year and, in line with the guidance in our half year report, we continue to anticipate that the group's performance in the second half will be similar to that for the first six months of the year," the company said.

Speciality chemicals group Johnson Matthey reported that both sales and profits fell in the third quarter, while the outlook for the rest of the year remains mixed. "In a difficult market environment during the quarter, trading across the group was challenging," the firm said in a statement covering the three months to December 31st. Sales excluding precious metals (sales) were down 2.0% at £635m during the period. Meanwhile underlying profit before tax slumped 19% to £84.3m, mainly due to a change in the sales mix and lower volumes in Precious Metals. Johnson Matthey, the world leader in platinum distribution and the sole marketing agent for Anglo American Platinum (Amplats), said that the fall in volumes was partly attributable to Amplats's current restructuring programme announced earlier this month, in which is said that it would close several mines in South Africa. The chemicals group said that while platinum prices have risen as a result of the shake-up at Amplats, the planned reduction in mining volumes will "impact" its business.

Travis Perkins noted that Solfex generated a cumulative annual revenue growth rate of 179% over the past three years. In December 2012 it was listed as the UK's fifth fastest growing private company in the Sunday Times Virgin Fast Track 100.

Building materials group Travis Perkins has bought renewable energy firm, Solfex Energy Systems, for eight million pounds. The firm said that Solflex, which focuses on solar thermal and photovoltaic products, would be a valuable addition to its plumbing and heating division. "Our strategy of offering our customers an integrated approach to energy efficient building will be greatly enhanced by the market leading proposition created by the Solfex team," said Chief Executive Geoff Cooper. In its last financial year, Solfex reported revenues of £21.9m and an operating profit of £2.2m. The initial cash payment of £8m for the firm would be supplemented by further amounts dependent on performance.

Tough market conditions in United Utilities' third quarter meant that the company was unable to increase revenue at the same rate as price rises. The water group said on Wednesday that trading since the first half (October 1st) has been in line with its expectations, with revenue continuing to increase at a rate "slightly below the slowed regulated price rise for 2012/13". This reflects the ongoing impact of a tough economic climate on commercial volumes, the firm said. Furthermore, depreciation, power and other costs have also risen as expected which mostly offset the increase in revenue. The company said that it continues to make "good progress" on its regulatory capital investment programme and remains on track to invest around £750m in its asset base in 2012/13. "United Utilities is confident of delivering a good underlying financial performance for the year ending March 31st 2013 and continues to be on track to meet its 2010-15 regulatory outperformance targets," the firm said. "The company remains strongly focused on building on its recent operational and customer service progress and sees plenty of scope to deliver further improvements."

Bovis Homes said it had signed a new long-term banking deal that gave it significant financial flexibility and allowed it to build more houses. The company has taken a £125m revolving credit facility expiring in March 2017 and a three year term loan of £25m. The overall financing cost of the new arrangement is in line with its existing facility. Group Finance Director, Jonathan Hill, said the new debt deal would allow the group to continue strong land investment to increase its output capacity, as well as manage its working capital requirements. It replaces the firm's previous £150m revolving credit facility and comes from four banks with whom the firm has an existing relationship and one new bank. The facility and the term loan include a covenant package featuring three covenants tested twice a year.

Shares in Phoenix Group, the consolidator of closed life assurance funds, jumped after it announced a big hike in its dividend and suggested there was more on the way. The company boosted its final dividend by 27% and said it would amend existing dividend conditions, giving it the flexibility to increase future payments. The board now expects to declare a 2012 final dividend of 26.7 pence per share, subject to market conditions and trading performance. "The board believes that this is a sustainable level at which to rebase the dividend as the business executes its stated strategy and is pleased that the amended dividend conditions provide the flexibility to increase future dividend payments as the business performs," the statement said. Phoenix also announced it had raised £250m through a combination of a placing and an open offer of 50m new shares at 500p per share. The issue price was a 10.5% discount to the 30 day volume weighted average share price and a 15.4% discount to the closing share price on January 29th. The new money would allow it to repay £450m of its Impala bank debt facilities early, the firm said, reducing total bank debt from £2.37bn on June 30th 2012 to £1.86bn.

A replacement CFO will begin within a few weeks.

The Chief Financial Officer (CFO) of MoneySwap has stepped down from the board to pursue other business interests. Chee Boon Lee will resign with immediate effect from the Asia-focused prepaid card and online payment services provider. Richard Proksa, Chief Executive Officer of MoneySwap, said: "I would like to take this opportunity to thank Chee Boon for his contribution to MoneySwap. Chee Boon has been a loyal and strong supporter of MoneySwap and we wish him well for the future."

Chemring Group (CHG) Director name: Ms Sarah Ellard Amount sold: 9,567 @ 279.00p Value: 26,692

Avesco Group (AVS) Director name: Mr Graham Andrews Amount sold: 29,013 @ 149.00p Value: 43,229

Avesco Group (AVS) Director name: Mr David A Crump Amount sold: 30,076 @ 149.00p Value: 44,813

Avesco Group (AVS) Director name: Mr John Christmas Amount sold: 36,091 @ 149.00p Value: 53,776

Renold (RNO) Director name: Mr Robert Purcell Amount purchased: 125,000 @ 25.50p Value: �31,875

Port Erin Biopharma Investments Ltd (PEBI) Director name: Mr James (Jim) Mellon Amount purchased: 575,000 @ 6.26p Value: 35,995

Chemring Group (CHG) Director name: Mr Peter Hickson Amount purchased: 20,000 @ 281.80p Value: �56,360

Top Director Buys Avesco Group (AVS) Director name: Mr Richard Murray-Obodynski Amount purchased: 200,000 @ 150.00p Value: �300,000

Avesco, an AIM-listed corporate services provider, said Wednesday that its Chairman, Richard Murray, acquired 200,000 ordinary shares at 150p a go, as a number of his fellow board members opted to downsize their holdings in the group. Murray's transaction was by far the largest, costing him a total of �300,000. Finance Director John Christmas sold 36,091 shares at 149.00p a time, earning him �53,776. Executive Director David Crump earned �44,813 after trading in 30,076 shares at the same price, while Graham Andrews, who holds the same position, pocketed �43,229 from the sale of 29,013 shares. Three weeks ago the company posted strong annual results for the year ending September 30th, buoyed by significant Olympics-related turnover. The group, which supplies services to the corporate presentation, entertainment and broadcast markets disclosed that operating profit was up 196% to �4.5m. Revenue was up 14% to �143.5m from �125.5m a year earlier. The group's trading profit was up 217% to �7.4m and trading earnings before interest tax depreciation and amortisation (EBITDA) jumped 34% to �27.1m.