Pan African Resources Share News (PAF)

Upmarket jeweller Theo Fennell cut losses sharply last year as second half revenues rebounded, with sales also up strongly this year so far. Like for like sales increased 6% to £12.6m with losses cut to £350,000 from £3.3m. Like for like sales increased by 23% in second half of the year and are up by a similar amount in the ten weeks this year so far. "Your board is very pleased by the progress the company has made since Theo's return and we are confident that the first steps have been taken to return the company to profitability," it said. Industrial textiles group Fiberweb's trading volumes are around 5% ahead of the equivalent period last year on a like-for-like basis. The strongest trading performance has come from the industrial businesses, with volumes flat in hygiene overall. Trading volumes have been strong in the FitesaFiberweb joint venture established last year. Raw material costs have increased significantly during the first but underlying operating margins are also up against the equivalent period, Fiberweb added.Shopping trolley group Supercart is mulling a number of possible fundraising alternatives to help fund some new big orders. A further order from an existing North American customer, worth over £400,000, has come in for the next quarter, while a South African customer has placed an order worth £500,000. The funding could involve equity or debt. Miner Pan African's earnings per share for the year to June will be 148% and 158% higher than the 0.4p reported last time. Headline earnings per share will be between 16% and 26% higher.Sales and ticketing systems developer Clarity Commerce delivered results ahead of expectations, with profit before tax and amortisation increasing by two-thirds to £1.9m in the year to 31 March from £1.1m a year earlier.Revenues rose 8% to £19.1m from £17.7m the year before with the promise of more to come. The company's chief executive, Ken Wilson, said he is comfortable with the projection of house broker Arbuthnot of sales of £24.4m next year.Following a reorganisation of its balance sheet the company is now in a position to pay a dividend though it has decided not to do so this year. The decision is under review and will be discussed with shareholders.