IN BRIEF: Business

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The Independent Online
Shares in Seafield Resources jumped 6.5p to 60p after the oil company, which is exploring in Ghana, said it had received takeover approaches from two parties. The London-based company also works in the Netherlands, Tunisia, Syria and Australia, and is valued at pounds 41m at yesterday's closing price. The company's share price has fallen steadily from a high of 80p over the past year, reflecting the departure of its chief executive and a warning that it may have to cut estimates of its petroleum reserves after disappointing drilling results.

Renold, the precision engineering group, announced a rise in full- year profits before tax from pounds 18.7m to a record pounds 21.5m, reflecting "strong growth" from North America, the gears operation and the Holyrod subsidiary. Earnings per share advanced from 20.8p to 22.7p. The final dividend is 5.2p.

Raymond Lipman, chairman of Safeland, made an upbeat statement on prospects for the property group as he announced a rise from pounds 2.27m to pounds 2.7m in taxable profits for the year to March. The group was confident it had laid solid foundations for the current year and the future "is looking bright", he said. The 1996/97 results included a six-week contribution from Hercules Property Services which was demerged last year and floated on AIM.

Oriflame International, the retailing group, reported an increase in annual taxable profits from pounds 19.87m to pounds 21.4m, said its financial position remained strong and was confident growth would be sustained. Robert Jochnick, chairman, said strong sterling had had an adverse effect on sales and earnings. However, he said initial sales in India were "very positive", and the company expected a profit contribution in the current year.