Round-up: Capital & Regional, International Ferro, Synergy Healthcare...

12th Nov 2009 14:11

Property fund manager Capital & Regional reports valuations in the UK fund businesses, particularly in retail warehouses, are trending higher in the fourth quarter. This reflects the strength of the investment market which is likely for the balance of this year to outweigh pressure on income.C&R remains cautious about the outlook for tenant markets. Administrations have slowed and the resilience of consumer demand are welcome developments, it says, but "conditions for retailers are likely to remain challenging into next year."Occupancy across its three funds increased from 93.6% at 30 June 2009 to 94.2% at 30 September 2009, largely as a result of new lettings in each case. Ferrochrome producer International Ferro lifted production to 37,773 tonnes for the quarter to 30 September 2009, up sharply from the June 2009 quarter due to the start up of a second furnace. Sales were down from 41,916 tonnes in the June 2009 quarter when the company was selling inventory plus production, to 36,383 tonnes in the September quarter. The strength of the Rand adversely impacted achieved revenues and reduced margins."Due to a lack of transparency in demand from developing economies and the outlook for the Rand and electricity costs, the company remains cautious in the near term. However, on an operational level, the furnaces are operating efficiently, mining development has commenced as planned and the development of our co-generation project is on track, it said.Growth is continuing at sterilisation and contamination services group Synergy Healthcare with interim revenues up 7.2% to £142.7m (2008: £133.1m) and profits before tax up 38.9% to £11.8m. Revenue growth in Europe is up 16.8% with good performances from both Sterilisation and Linen services. Revenue growth in Asia was up 14%, slower than expected as a result of reduced demand to sterilise products destined for the USA."The launch of our first facility in China opens the door on a new market for Synergy offering substantial potential to accelerate organic growth. The contracts already secured will add £1m in annual revenues and we are currently in discussions to add further hospitals," chief executive Richard Steeves said.After a period of substantial readjustment housebuilder and contractor Henry Boot sees some indications that valuations in the property market as a whole are beginning to stabilise, albeit at a significantly lower level than at peak. Buyers are selectively re-entering the market, identifying value and concluding transactions.The group added it has cut debt levels by over £20m to around £30m, a level it anticipates carrying through to the year end. It remains in compliance with all its banking covenants.Vernalis remains on target to achieve its key value driving goals. It expects Phase IIb data from V3381 in neuropathic pain around the end of Q1 2010. V158866, its novel pain compound targeting FAAH and V158411, an oncology drug candidate, are both progressing in pre-clinical development and are both targeted to commence Phase 1 studies in 2010.Miner Beowulf 's results from the latest testing of its Ruoutevare project confirm its potential chairman Clive Sinclair-Poulton commented today. "These metallurgical results confirm the potential of the Ruoutevare project - we have over 140m tonnes at 39% Fe inferred - and we expect the new studies to further enhance the project's appeal. The tests to date validate the process of using reduction techniques and the resultant sponge iron produced is more than acceptable to potential clients." Eddie Stobart Ltd, part of logistics group Stobart has secured a major distribution contract with Unilever. The agreement will see Eddie Stobart provide ambient transport solutions covering the majority of Unilever's manufacturing and distribution activities in the UK.Modern Water's desalination plant in Oman has been successfully commissioned and fresh water production has commenced. Chairman Neil McDougall said: "The start-up of the Al-Khaluf plant is a major breakthrough for Modern Water. Spending on desalination and other water-related technologies in the Middle East continues to increase and so we are delighted to have a commercial plant operating in the region that can also act as a showcase for potential clients'. LED sensor specialist Dialight says that based on the continued good progress of the Signals/Illumination segment in revenue together with an improved margin and the stabilization of activity levels in the Components segment, it is confident in maintaining its current outlook on trading for 2009. Food distributor IFR Capital's subsidiary Homann Feinkost is to acquire the German and Polish business of Uniq for €28.5m cash. The German business of Uniq consists of Nadler Feinkost while the Polish Business of Uniq comprises Uniq Lisner. "The acquisition of Nadler / Lisner by Homann is a logical step, which brings leading brands together so as to enjoy synergistic benefits for IFR," chief executive Heiner Kamps said.Ken Cunningham, SkyePharma's chief executive commented, "We continue to trade in line with the Board's expectations for the full year, with our focus on tight control of costs helping our second half performance. Flutiform is on track in Japan and Europe, with Phase III studies by our European partner, Mundipharma, successfully meeting their primary endpoints. We are also working to ensure that additional dosing data requested by the FDA can be gathered in a timely way." Underwriter Brit Insurance Holdings has paved the way for its planned move to the Netherlands by creating a new holding company.Business publisher Euromoney Institutional Investor saw profits fall in the year to September 30 as customers cut back on costs in the wake of the financial crisis.Adjusted pre-tax profits fell by 6% from the previous year to £63m as revenues fell to £317.6m.