Results Round-up

Sweetener producer PureCircle's annual operating profits rose as revenue was driven higher by having its product incorporated into Coca-Cola, Pepsi and other carbonated drink products.

The group reported an annual net loss of $899m (£608.4m), a 52.7% decline from the previous year, while earnings before interest, tax, depreciation and amortisation rose 23% to $6.4m and revenue grew 24% to $43.2m.

PureCircle said that high profile Cola roll-outs led by Coca-Cola Life, Pepsi Next and Pepsi True into the US, Mexico, UK, France and Japan markets indicated clearly that its stevia product was now "a mainstream sweetener of choice" in the industry.

The AIM-listed company added it had expanded its production capacity to meet the growth in demand but warned that demand may be lumpy in the short term.

Oil and gas explorer Red Emperor said its first half pre-tax loss increased sharply as a result of a substantial write-off against its joint venture in Somalia.

The London-listed group posted a first-half loss of $15.4m (£10.4m) compared with a $307,914 loss the year before, after one of its joint venture in Puntland, Somalia, suffered a $15.2m write-off after the Somalian federal government "hardened its position with regards to the requirement of contracts", which meant the group had to reduce its presence in the region.