Results Round-up

Design and print group Grafenia saw a sharp drop in its annual profit, although profit edged higher during what the company described as a period of transition.

In the 12 months to 31 March, the Trafford Park-headquartered group reported a 13% year-on-year decline in turnover to £17m, while pre-tax profits rose 13% to £0.86m.

Earnings before interest, tax, depreciation and amortisation declined 4.9% to £2.52m, although the company lifted its dividend to 1.50p, 12.8% higher than in the previous year.

The group said its Nettl network, aimed at helping local businesses with designing their website or web shop, now had 25 studios, while Marqetspace, the company’s online service targeting trade buyers of printing services had attracted over 1,000 professional buyers.

Bahamas Petroleum reported a narrower pre-tax loss in 2014, as legal and professional fees shrank in the run up to drilling.
For the 12 months ended 31 December, the company posted an overall loss of $4.7m, down 10% from 2013's $5.2m.

Cost reduction actions include the board's decision to defer 20% of salaries into performance-based remuneration, an across the board rationalisation of company adviser costs and the further reduction of fixed expenses, such as the termination of all housing contracts.

The company remains focused on commencing its first exploration well's drilling activity, with its closing cash position of over $10m set to meet ongoing costs for several years.