Pick of the early market news
It's a quieter day for results. We commence with interims from African miner Chariot Oil & Gas. The company claims a strengthened balance sheet with "unrisked" prospective resources increased to 16.1 billion barrels; the company has also completed a recent fundraising exercise.
"With three major partners on board," says CEO Paul Welch, "we feel we have strong endorsement of our portfolio and Namibia's potential to become an important hydrocarbon province. With finances secured we continue to pursue our corporate objectives aggressively whilst seeking to maintain the best value for shareholders and believe that 2012 will be a critical year in the Company's growth and development."
Tristel plc has announced preliminary results for the year up to 30 June. Turnover is up 6% to £9.29m with gross margins maintained at around 64%. However pre-tax profits are sharply down at £0.50m compared to £1.72m last year.
"We are disappointed that our five year record of continuous profits growth has been broken. However, the interruption," explains CEO Paul Swinney, "is explained by the ambitious growth plan that we executed during the year: the expansion of our manufacturing plant and construction of a clean room, and increased investment in overseas markets."
However overseas sales passed £1m for the first time "and we are now involved in many of the world's fastest growing healthcare markets. The expansion of our manufacturing facility enabled us to launch the Crystel range of disinfectants and detergents for pharmaceutical and personal care manufacturing companies - a new area of activity for the Group."
Finally, AXA Property Trust has issued its annual financial report with total return on net asset value (NAV) rising 0.4% with NAV per share decreasing by 4.2%. Despite much market weakness, the trust claims "substantial progress" in the year to 30 June 2011.
"The Board," the company says, "believe it has strengthened its position for the future. Debt finance has been renewed to 2016, the risk of cash flow pressures resulting from the maintenance of a capital currency hedge has been removed, and good progress has been made in letting the largest parts of the retail centre at Fürth in Bavaria, Germany, following the opening of the new Edeka supermarket in June."
"While the financial and property markets remain surrounded with challenges and uncertainties, the Company has strengthened its position, and remains focused on some of the more secure markets, including those in Southern Germany, and in food retailing."