Breaking business news: Bid to continue opencast mining

Breaking business news this morning including plans to extend the life of a Northumberland opencast mine and a rise in profits for a Redcar footwear firm

Banks Mining Group has submitted a planning application to Newcastle City Council to continue surface mining at Brenkley Lane, to the north of the city.

The additional work covers 34 acres and the company wants to extract more than 500,000 tonnes of coal.

IDS expects good results

Immunodiagnostic Systems Holdings has reported results in line with expectations with revenues expected to be £27m, up from £24m last year.

Boldon-based IDS also unveiled additions to its senior management team.

IDS chief executive Patrik Dahlen said: "We are pleased with our trading performance in the first half of 2013/14, particularly the continued increase in contribution from automated revenues, and we are confident of delivering modest year on year top line growth over the full year.

"We continue to make encouraging progress in the execution of our strategic plan which we believe offers significant growth opportunities for the future."

Zytrnoic predicts profits rise

Zytrnoic has predicted that its full-year results will surpass market expectations, in a pre-close trading update.

The touch-technology product manufacturer, based at Blaydon near Gateshead, said profits before tax were expected to be £1.9m on revenues of £17.2m for the second half to the end of September.

Blaydon, Gateshead, revealed in a pre-close trading update that profits before tax are expected to be £1.9m on revenues of £17.2m for the second half to 30 September 2013.

Zytrnoic operates from three factories near Newcastle. It uses environmentally controlled clean rooms to develop and manufacture touch sensors using glass and plastics.

Redcar footwear specialist wins funding deal

North East footwear specialist Kamaiden has won a six-figure sum from the £7.5m Finance For Business North East Angel Fund

It is the second round of funding which the North East Angel Fund has invested in Kamaiden, based in Redcar, which was set up by former London Broncos professional rugby league player Junior Paul.

Kamaiden has developed Scorpeun, a sole with spikes or studs attached which can be strapped to an ordinary pair of trainers for use in school sports. The latest funding will help with further development and marketing.

The Finance For Business North East Angel Fund is managed by Rivers Capital Partners and specialises in investments in new and established companies with growth potential in the North East.

Capital injection for Express Engineering

A fresh capital injection for Express Engineering will allow it to accelerate its expansion strategy.

The funding, from mid-market private equity investor LDC, will allow Express  founder and chairman Chris Thompson and managing director Nigel Davison, to continue to grow the business and make strides in the international oil and gas sector. LDC has taken a minority equity stake in the business as part of the transaction.

Since its launch, 40 years ago, Express has grown to become a globally recognised contract manufacturing company. It  recently acquired the trade and assets of the Stokesley-based engineering business Burdon Limited and investment in this site is planned.


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