Company news in brief

Young Group, the private coal miner and domestic fuel supplier, slumped from a pounds 765,000 pre-tax profit to a pounds 3.9m pre-tax loss in the six months to 31 May. The losses stemmed from a pounds 2.9m exceptional charge relating to production problems at its Venezuelan mine, lower coal prices, restructuring costs and plant property write-downs at its UK operations. No dividend (2.6p).

Wholesale Fittings, the wholesale electrical suppliers, fell to pounds 2.5m ( pounds 4.3m) pre-tax profit in the year to 30 April. Final dividend is 8.47p, making 11.7p (16.6p). The company said sales for the first three months of the current financial year had not shown any improvement on the same period last year.

Fairway Group, provider of business and computer stationery, posted a marginal rise in pre-tax profits to pounds 656,000 ( pounds 655,000) in the half-year to 30 June. Interim dividend is cut to 1p (1.33p).

Seet, the clothing fabrics company, saw pre-tax losses fall to pounds 630,000 (loss pounds 1.25m) in the year to 30 April. No dividend.

Oglesby & Butler Group, makers of electrical, electronic and gas power tools, reversed taxable losses of Ir pounds 372,000 into pre-tax profits of Ir pounds 277,000 in the year to 31 March. Net asset value per share improved to 8.62p (6.48p).

West Trust, the cloth makers and merchants, incurred a pounds 113,000 pre-tax loss (profit pounds 458,000). Final dividend is held at 1p.

Jupiter European IT is raising a maximum of pounds 5.6m through a placing and open offer of up to 7.2 million shares at 78.5p per share. Under the open offer qualifying shareholders are offered 1.44 million new warrants at no extra cost. JEIT is also to be reorganised into a split capital investment trust.

Emap, the publisher, said it had bought Local Government Chronicle from Brown Knight & Truscott for pounds 4.25m in cash.

Lasmo, the oil and gas exploration company, has sold its holding in the Willow Bayou gas prospect in Louisiana to Plains Resources in return for the acquisition by Lasmo of 600,000 shares in Plains Rsources, worth roughly dollars 8.5m.