A round-up of today's other stories in brief
Merger to create major financial firm
Accountancy firm FGS is to merge with practices in Belfast and Longford to create the sixth-largest financial practice in Ireland, writes Colm Keena.
Greg Sparks, managing partner with FGS, said the new entity was positioning itself to win more business in the environment created by the new rules on issues such as conflicts of interest within accountancy firms.
He said the merger with McClure Watters of Belfast and Lyons Keenan Kilemade of Longford, will create a firm with a turnover "well north of €20 million".
FGS is already a member of the Moores Rowland International global accounting and consultancy group.
Mr Sparks said FGS has had a presence in Belfast for five years and the merger with McClure Watters came about as part of a desire to develop there.
The merger with Lyons Keenan Kilemade came about after FGS had worked with the firm which, he said, is highly regarded in the midlands region.
"We consider the BMW region to be a area of high growth," he said.
Providence signs Celtic Sea deal
Providence Resources plc, the AIM- and Dublin IEX-listed oil and gas exploration company, has signed a farm-out agreement in relation to its Celtic Sea interests with one of the world's largest oil and gas drilling contractors.
Under the terms of the agreement with GlobalSantaFe Corporation subsidiary, Challenger Minerals Inc (CMI), Providence will retain a 75 per cent stake in the interests, its partner, Midmar Energy will retain a 5 per cent stake, and CMI will take 20 per cent.
CMI will pay 26.7 per cent of the 2006 seismic programme costs. Thereafter, CMI will pay 20 per cent of costs.
Altracel losses fall to €400,000
Operating losses at listed biotech group, Altracel, fell to €400,000 in the first half of the year from €1.6 million during the same period in 2005, the company said yesterday.
Altracel, which develops and manufactures treatments for wounds and cardiovascular illness, said that revenues grew 13 per cent year-on-year to €9.5 million.
The company reported that losses before interest, tax and write-offs were significantly down in the six months to the end of June.
Davy Stockbrokers said that the company's share price had yet to reflect its improved performance and set a 40 cent target for the stock, which was trading yesterday at 15 cent.
Imprint's profits increase to £4.2m
The London-listed recruitment business chaired by Irishman Pierce Casey said yesterday that first-half profits grew 125 per cent to £4.2 million sterling (€6.2 million).
Imprint plc said that turnover in the first six months of the year was up 75 per cent to £38.4 million from £22 million during the same period in 2005.
First-half pretax profits were £4.2 million, compared to £1.8 million during the six months to the end of June 2005.
Adjusted earnings per share (eps) were up 43 per cent at 9.3p from 6.5p. The company is planning to pay its first interim dividend of 1.3p a share.
It declared no dividend at the half-year stage in 2005, but declared a final dividend last year of 2p per share.
Imprint said that growth came both from existing businesses and from acquisitions made during 2005.
The company had gross profits during the period - made up of fee income from its recruitment businesses - of £21.7 million.
