News in Brief

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Axis International, the investment and consultancy group specialising in turnaround situations, has sold TSM Joinery to Boulton & Paul for an undisclosed sum. TSM Joinery, a manufacturer of bespoke timber staircases, was bought from the receiver in March 1992 and now produces more than 150 flights of stairs a week.

Ferromet Group is to buy retail and office investment properties in Gwent for pounds 350,000. The properties produce an income of pounds 46,000 a year.

TI Group has agreed in principle to sell its 50 per cent interest in TI Interlock and Wichita Company to Dana Corporation for pounds 4m. Dana is a joint- venture partner in both companies.

Surrey Group, the betting shops operator, incurred pounds 937,000 pre-tax loss (profit pounds 5,000) in the year to 31 March. It said the introduction of evening opening of betting shops had increased turnover. Loss per share 0.48p (earnings 0.07p). No dividend.

Half-year to 30 June

TF & JH Braime, the pressed steel and components maker, fell to pounds 155,000 ( pounds 214,000). Although the elevator components business performed well, the overall result was held back by low demand for steel pressings from the European commercial vehicles industry. Turnover increased to pounds 3.3m ( pounds 2.8m), but trading profits slipped to pounds 125,000 ( pounds 156,000). Earnings per share were 6.9p (9.65p). Dividend is held at 2.25p.

Shorco Group Holdings reported a fall in pre-tax profits from pounds 105,000 to pounds 80,000. EPS 1.7p (2.3p). Dividend is held at 2.4p. The company said that although the UK economy was believed to be improving the level of activity in the construction sector had shown little change.