Company News in Brief

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The Independent Online
Sidney C Banks, the grain and agricultural merchants, increased pre-tax profits from pounds 2.2m to pounds 2.3m for the year to 30 April. The company said that its recent investments in Banks Odam Dennick and Doltons and a quality harvest had helped the group increase its level of profits. Turnover rose to pounds 239.8m (pounds 195.2m). Final dividend is held at 5.5p, making an improved total payout of 8.25p (8p).

Arlen slipped into pounds 884,000 pre-tax loss (profit pounds 120,000) for the year to 31 March. No dividend (0.5p).

Monarch Resources reported that 84.2 per cent of its units of 1993 non-interest-bearing convertible unsecured loan stock issue was taken up.

Barlo Group is going ahead with the placing and open offer to raise just under Ir pounds 10m announced at the time of its offer for IRG, the polymers processor. The money will be used to reduce borrowings of the enlarged group following the acquisition of IRG and to provide investment capital.

Christen Salvesen is talking with BJ Services Company, an international provider of pressure pumping services to the petroleum industry, about the possible sale of Salvesen (Oilfield Technology), its oilfield services company.

Pittencrieff has bought J&J Systems and its sister company, Mustang Communications, for about dollars 5m, of which almost dollars 2.1m will be represented by the issue of nearly half a million shares of Pittencrieff. The J&J Group provides a specialised mobile radio system throughout Texas.

Caird Group has sold its dry, compactor and confidential waste businesses based in Aberdeen to UK Waste Management for pounds 1.7m in cash. The sale completes Caird's strategy of disposing of its dry waste division, the English part of which was sold to Cleanaway at the end of last year.

Thornton Pan-European Investment Trust's net asset value fell to 30.3p (32.8p) in the six months to 30 June. No dividend.

Pendragon has bought Stratstone, the Jaguar and Land-Rover dealer for central London, for about pounds 2.8m in cash.