High-street trading conditions have been more difficult and volatile than expected according to Home Retail (LON:HOME) chief executive Terry Duddy. In a first quarter trading statement, covering the 13 weeks since 27 February 2011, Duddy revealed that total sales dropped 8.1 percent at Argos, to £817 million. On a like-for-like basis sales were down 9.6 percent.
The trading statement was frowned upon by market analysts, leading to a series of downgrades in profit forecasts and target prices. In its first quarter update, Home Retail said that total sales at Argos dropped 8.1 percent to £817 million. On a like-for-like basis sales were down 9.6 percent.
Daily Mail & General (LON:DMGT) confirmed that it is reviewing the strategic alternatives with respect to its U.S. retail-focused events managed by George Little Management. GLM is a business-to-retail operation, including in its portfolio the New York International Gift Fair at the Jacob Javits center in New York.
Housebuilder Bellway (LON:BWY) saw its shares advance after it hailed a return to “more normal” trading patterns following a difficult autumn and despite ongoing concerns about the outlook for the wider economy.
Leisure and automotive retailer Halfords Group (LON:HFD) achieved steady growth in both revenues and profits during the year to 1 April 2011 in spite of a challenging year for consumers. The firm added that it expected to build on the positive trend it has seen at the start of its current financial year in spite of a continuing tough trading environment.
JD Sports Fashion (LON:JD) reported that as was expected, sales declined in the past three months as customers’ disposable income remained under pressure. The cautious outlook offered by the sports fashion retailer in a trading statement in March was maintained, based on the “very clear downward pressures on levels of gross consumer expenditure” in its market and increased value added tax (VAT).
High market volatility in the fourth quarter helped spread betting company IG Group (LON:IGG) achieve full year revenue and profit growth. The FTSE 250 constituent expects to report revenues of £320 million and pre-tax profits of £163 million for the financial year to 31 May, representing increases of 7 percent and 3 percent compared to the previous year, it revealed in a trading update this week.
SThree (LON:STHR) said that in the six months to 29 May 2011, group gross profit increased by 23 percent year on year to about £90 million.
Punch Taverns (LON:PUB) said that it is on track to meet its full year expectations.
Defence and aerospace firm Cobham (LON:COB) is an attractive investment, according to City broker Morgan Stanley. Management recently reiterated its guidance for 2011 and said that opportunities within areas such as air-to-air refuelling should enable the company to return to growth, it said this week.
TyraTech (LON:TYR) managed to reduce its loss last year after an increased focus on cost control. The US-based company – which develops technologies based on nature to kill insects and parasites so that crops and animals can be protected in an environmentally-friendly way – saw its 2010 pre-tax loss fall to US$6.1 million (2009 : US$13.9 million).
ValiRx PLC (LON:VAL) has agreed to transfer certain patent rights to Singapore Volition Pte Ltd in connection with the sale of its former subsidiary ValiBIO SA in return for an additional payment of US$510,000 in Volition shares.
Healthcare systems group Avia Health Informatics (LON:AVIA) revealed it has acquired the intellectual property rights to sell and manage the future development of Pathfinder, an online patient referral and clinical communication system.
Shares in LED International (LON:LED) skyrocketed on Friday after the lighting products specialist won an energy management contract worth £510,000 in China. The contract, which was secured by the company’s wholly owned subsidiary Shenzhen Strongbase New Opto-Electronics Technology, is from Hotel Novotel Shenzhen Bauhinia and Golden Gala Restaurant in Shenzhen.
Wincanton (LON:WIN) has sold part of its operations in mainland Europe for €46.5 million as part of its effort to reduce its massive debt. The logistics group has signed agreements to sell its German Road activities and businesses in Central and Eastern Europe to Raben Group and its logistics operations in the Netherlands to JCL Transport und Logistik GmbH.
Mobile messaging company Synchronica (LON:SYNC,TSE:SYN) is making further progress in Latin America. The firm has signed a significant expansion order with a tier-one mobile phone operator targeting the region. The deal, a group-wide contract, covers the deployment of the firm’s Synchronica Mobile Gateway 6 platform across all of the operator’s Latin American subsidiaries.
Medgenics (LON:MEDG) has strengthened its boardroom with the appointment of heavyweight biotech entrepreneur and investor Isaac Blech this week. Blech, who is already a member of the company’s strategic advisory board, is a major investor in Medgenics, having ploughed $7 million into the company over the past year.
Parseq PLC (LON:PSQ), specialised in mobile and online banking software and outsourcing services, said it is launching a new hosting and managed services proposition to commercialise its data centre facility.
Peel Hunt is upbeat on prospects for Stanley Gibbons (LON:SGI), the stamps and autograph specialist, on the back of a strong first quarter for the group and its moves to become global via an online presence.
Plant Impact (LON:PIM) has signed a distribution agreement with Canada’s Engage Agro Corporation, which the crop health firm’s management believes will lead to the development of several new technologies for the Canadian market.
Power company Rurelec (LON:RUR) said this week it is now virtually debt-free and is considering a special dividend for shareholders. The company released its results for the year to 31 December 2010, in which it posted a return to profit after tax following a loss in 2009. It wants to develop power generation projects in Latin America.
Healthcare systems expert Avia Health Informatics PLC (LON:AVIA) revealed this week it now has four clients with access to the latest version of its key Odyssey TeleAssess and PatientAssess diagnostic offerings.
GW Pharmaceuticals (LON:GWP) is to launch its Sativex therapy for multiple sclerosis sufferers in Denmark later this month after the country recently approved the medicine.
Human tissue specialists Asterand (LON:ATD) has launched its isletOrganDOT system - which it hopes will help in the development of new treatments for diabetes. The company has secured the exclusive worldwide licencing for the platform from Capsant Neurotechnologies Ltd. The system offers scientists numerous options for how to test new compounds to treat the global disease.