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Drilling has begun at Faroe Petroleum's North Uist prospect, West of Shetland. The company believes the site offers significant resource potential and is in close proximity to a number of important discoveries on the Atlantic Margin Corona Ridge, including Rosebank and Cambo. To manage the high well costs in the region, Faroe has secured a number of farm-out arrangements. The drilling operation will be undertaken by BP Exploration Operating Company (with 47.5% interest) using the Stena Carron drilling rig. The other joint venture partners are CIECO Exploration and Production (6.25%), Idemitsu Petroleum (5%) and Nexen Petroleum (35%).

Christopher Powell, Pennant's Chairman, said the firm's order books was "strong" and that tendering levels were high. The market liked what it saw in the full year results, at 08:59 the stock had jumped 9.68%. Since the beginning of 2012 Pennant shares have risen 25.7%

Revenues during 2011 grew by 8.2% to £10.35m (2010: £9.57m). Operating profit increased by 30% to £707,000 or 6.8% of revenue (2010: £542,000 and 5.7% of revenue). Cash generated from operations was £2.2m (2010: £0.96m). Pennant's bank borrowings were repaid in full over 2011 leaving the group with net funds of £2.33 million at the year end (2010: £1.16m). The final dividend will be 1p per share, the same as the prior year. Italian-owned (but UK-based) AgustaWestland is the world's leading military helicopter manufacturer. It pays Pennant for the development of maintenance training equipment for its Lynx Wildcat model; that contract has expanded and is now worth £12m.

Pennant, the computer simulation training and logistics company, shot up on Monday on the back of an increase in the size of its AgustaWestland helicopters contract. Pennant's biggest business is providing training systems for engineers, mainly in the defence sector, with the Training division generating 52% of group revenues in 2011, up from 45% in 2010. Data Service now accounts for 17% of revenues (2010: 20%) while Software Services is now at 31%, down from 35% in the prior yea

the firm said. "This latest order demonstrates eg's success in assisting existing customers to achieve ongoing financial benefits. It also provides further evidence of the strong demand we are experiencing since re-engineering our software.

eg solutions, the optimisation software firm, has won a further services contract from an existing UK enterprise customer in the financial services sector. The contract is worth around £0.34m, which will appear in the results for the current financial year. "This contract will refine the set-up of eg software and provide operations management training and development services to all managers and team leaders across the operation,"

ENK has announced the completion of the in-fill drilling programme and nickel limonite and saprolite resource update for the Acoje Project, which has indicated resources of 40.9m tonnes with grading of 1.08% nickel and 0.05% carbon monoxide, and 29.0m tonnes with grading of 0.96% nickel and 0.06% carbon monoxide. This represents an increase of 36% in contained nickel from the November 2008 resource estimate

The group is carefully managing its cash so as to take advantage of changing market conditions, and is currently evaluating a number of investment opportunities. The company said it also ploughing on with its legal proceeding against iPhone maker Apple, as it believes the US electronics titan has infringed Emblaze's livee streaming patent. The group saw revenue in 2011 surge to $1.21m from $0.63m in 2010, and this fed through to profit from continued operations of $2.8m, compared to a loss the year before of $4.6m.

Cash continues to be king at Emblaze, the Israeli technology firm which is suing Apple for alleged patent infringements. The £54m valued company, which produces software for the fast growing mobile phone sector, finished 2011 with cash and short term investment assets of $149m, up from $145m at the end of 2010

ServicePower Technologies, a field management company, has reported both revenues and profits significantly ahead of initial expectations. Profit before tax increased by 83% to £1.1m (2010: £0.6m). Revenues decreased to £13.3m (2010: £18.3m), which the firm said reflects the strategic change in product mix toward higher margin business. Earnings per share were 0.54p (2010: 0.30p), while cash at the end of the period was £5.5m at December 31st (£3.7m at December 31st).

Car valeting firm Autoclenz Holdings reported flat revenues for 2011. Revenues were up by just £0.3m to £26.6m, while profits of £0.13m in 2010 turned to a loss of £0.26m. Earnings per share fell from 0.83p to -1.73p. Cash at the end of the period doubled from £0.23m to £0.54m.

Cyprotex, a pre-clinical absorption, distribution, metalobism and excretion-toxicity (ADME-tox) services company, reported a 33.6% rise in revenues to £7.91m for 2011. Pre-tax profit rose 42% from £0.62m in 2010 to £0.88m, while earnings per share were up from 0.31p to 0.39p year on year. Cash at the end of the year grew from £1m to £1.13m.

Symphony Environmental Technology, a specialist in advanced plastics technologies, has signed a 20-year exclusive distribution agreement for its d2w plastic technology covering the People's Republic of China, its first ever exclusive distribution agreement for China

He added, "Our current trading is in line with our expectations for 2012...we anticipate our profits will be weighted towards the second half of the year, and Tribal has good potential to make further progress over the medium term." Tribal said it now has a simplified two-division structure established, focusing on its core education, learning and training markets. A dividend of 1p has been recommended, down from 2.5p the previous year.

Analysts had forecast annual pre-tax profit of £8.52m and revenue of £112.5m. Commenting on the trading environment chief executive Keith Evans said, "Whilst the macro-economic environment has been uncertain during 2011, our products and services demonstrated resilience in mixed market conditions."

Education support services firm Tribal Group slashed its dividend payment by 60 per cent as it posted a 39.3 per cent increase in adjusted pre-tax profit. The group, which completed its restructuring following the disposal of non-core activities and a cost reduction programme, said adjusted pre-tax profit rose to £9.5m for the year ended 31 December 2011 from £6.8m a year before. Tribal posted a pre-tax profit of £3.7m compared to a loss of £0.4m a year earlier. Revenue for the year rose to £108.2m from £104.1m on increased demand for its student management software in the UK, Australia and New Zealand.

Animalcare Group, a supplier of veterinary medicines, has said that its Project Quatto has received marketing authorisation from the Veterinary Medicines Directorate. The firm can now place the product on the market. The first sales are expected by the end of the current financial year.

Wheel-maker Titan Europe has expanded the group's Turkish presence and invested further in Titan Jansta, which will include a new purpose built facility at Aydin Ortaklar OSB, a newly established industrial zone where, on March 20th, the company purchased 60,000sqm of land for £0.8m. The company believes this gives Titan "a footprint to fuel future growth". New operational capabilities will now be added through a phased capital investment programme.

Oxford Catalysts, a technology innovator for synthetic fuels production, has announced that Toyo Engineering Corp. and MODEC Inc. have committed several millions of dollars of additional funds to the group for 2012. The additional funds will be used to accelerate commercial readiness ahead of orders in the offshore GTL market, the firm said

Satellite operator Avanti Comms Group has sold capacity on HYLAS 1 to satellite broadband provider Ethnet in a three year deal worth a minimum of £0.66m. The capacity will be used by Ethnet to deliver satellite connectivity for a variety of applications.