Company News in Brief

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The Independent Online
Pittencrieff, the oil and gas exploration company with a growing communications business, lifted pre-tax profits from pounds 1.55m to pounds 2.2m in the half-year to 30 June, despite cuts in oil and gas production in the US. Turnover increased 40 per cent to pounds 7.1m, helped by the contribution from its communications business where sales more than doubled to dollars 9m (pounds 4.5m). The company said the recent weakness in the US dollar was unlikely to affect results for the full year seriously. Interim dividend is raised by a fifth to 3p.

Gibbs & Dandy, supplier of building, engineering and electrical products, significantly reduced pre-tax losses from pounds 405,000 to pounds 92,000 in the half-year to 30 June. There was a slight fall in sales from pounds 11.6m to pounds 11.3m. The company blamed the recession in the construction industry for the loss in volume sales. It is not paying an interim dividend.

Broadcastle returned to the black with pre-tax profits of pounds 155,000 for the half-year to 30 June, despite a 52 per cent decline in turnover to pounds 1.3m, which followed the closure of the group's recruitment division. No dividend.

Taylor Nelson climbed from a pounds 40,000 taxable loss to make a pounds 1.6m pre-tax profit in the six months to 30 June, helped by a 150 per cent boost in turnover to pounds 20.5m. Interim dividend is 0.1p.

Thompson Clive Investments was unable to declare a dividend payout for the half-year to 30 June. However, net asset value per share as at 30 June was 175p, higher than the 166.7p for the comparable period. Pre-tax profits fell from pounds 354,000 to pounds 218,000.

Consolidated Venture Trust said that during the first half net asset value fell by 2.1 per cent to 269.6p. No dividend.

Medeva, the pharmaceutical products maker and diagnostic products and medical research group, said it had bought the licences and trademarks of 28 products from SmithKline Beecham for pounds 4.9m. Medeva said the payments would be made in three instalments over the next 18 months. SmithKline Beecham will continue to make all 28 products for the foreseeable future.