Companies: ACE    BLL    BLVN    CBY    ELE    FGO    FORM    IDS    SLM   

AIM made a strong start to the year despite shares in oil explorer Bowleven (BLVN) almost halving on Wednesday to 155p after finding that a second well drilled offshore from Cameroon was dry.

The AIM Index had a bloated seasonal feel, rising 45 points since our last report before Christmas to 1069.2. The blue chips also had glad tidings for investors, with the FTSE 100 rising 124 points to 5720.2.

Despite its second disappointment, forcing the company to suspend activities in the area, Bowleven still believes it is ‘a highly prospective block’. Chief executive Philip Rhind and another director consequently bought £50,000 worth of shares at 165p, pushing the shares back up to 181p on Friday.

Christmas updates

This week some of the market’s retailers wired in dispatches on the crucial Christmas campaign, revealing both casualties and heroes.

Firmly among the latter, Ideal Shopping Direct (IDS) happily regaled investors with tales of sales in the run-up to Christmas up by 20 per cent on the equivalent period of 2004. Management say they expect profits ‘will meet market estimates and will be in excess of £7 million, a record for the company’, egging on the shares by six per cent to 338.5p.

Laminate flooring specialist Floors 2 Go (FGO) informed on Friday that it expects its full year profits before tax to be ‘towards the lower end of the range of market expectations’ because of a 26 per cent decline in second half like-for-likes. Confirmation that the company will now scale back its store rollout in 2006 helped dump the shares down 12 per cent on the day to 22p.

Bleak mid-winter at Forminster

Debt-loaded fashion retailer Forminster (FORM), whose shares were suspended at 3.75p last month, called in the administrators this week at its Adjustbetter subsidiary, the UK operator of the once high-flying Kookaï chain. Forminster failed to renegotiate terms with Kookaï's Paris-based parent but will continue to trade until a buyer is found. Administrators are confident of doing so soon.

And ailing meat supplier Canterbury Foods (CBY) has too fallen into administration after failing to agree a refinancing plan with its banks. Administrators have sold sites in south Wales and Kent and are looking to sell the remaining site in Bristol. The shares were suspended at 1p.

Slimma’s fine figures

Branded clothing business and Official List expat Slimma (SLM) turned out fine figures for the year to September, revealing a 15.4 per cent climb in pre-tax profits to £1.1 million, on lower turnover of £23.2 million, with the dividend held at 3.5p. The unfashionable shares put on half a penny to 62.5p.

Noting the recent rise in its share price, up 25 per cent in a month and 13 per cent this week to 470p, management at car replacement firm Accident Exchange (ACE) confirmed that the company had won ‘several new dealership relationships in the ordinary course of business’ and is ‘in discussions with several manufacturers and larger dealership groups’.

Specialist publishing company Electric Word (ELE) has acquired a ‘highly complementary’ sports publisher SportBusiness Group to add to its existing sports division for a maximum of £2.7 million. Shares in the company skipped up 17 per cent to 9.38p in the week. The share-based deal gives SportBusiness’ owner Stewart Newton, founder of the eponymous fund manager Newton, a major stake in Electric Word.

Down at the bottom of the bargain basement, beleaguered 3D cinema developer Bella Media (BLL) unveiled first steps had been made towards developing a large 3D cinema in the ‘world-famous’ Cannery Row area of Monterey, California. The shares, floated at 72p when under a previous guise, gained a third to an impressive 0.12p.