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Top story
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Redrow back in profit, but market tough
Redrow, the house builder, this morning revealed it had moved back into profit as it sold more houses at higher prices. The Flintshire company made a £700,000 pre-tax profit from continuing operations in the year to June, compared to a £44.2m loss the year before. Revenue grew almost 25 per cent to £397m from £302m. But chairman Steve Morgan warned economic conditions were hard, and called on the UK government to help first-time buyers.
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Deals
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Barclays helps Family to extend
Swansea-based Family Housing Association (Wales) will develop 353 social housing units and extra care schemes across West Wales in a £30m investment supported by Barclays Corporate. The organisation has more than 2,300 units of accommodation across Swansea, Carmarthenshire and Neath Port Talbot.
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Unite Technologies raises £700,000
Unite Technologies, a data centre technology company, has raised £700,000 in equity and debt investment from Finance Wales. The cash will help the Monmouthshire company expand its presence in North America and speed up development of hardware and software.
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Brains to order more pubs with fresh finance
SA Brain, the Cardiff-based brewer, plans to expand its chain of pubs and restaurants after obtaining a £20m revolving credit facility from Lloyds TSB Corporate Markets.
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Allens & Co sells herbal remedy brand
Anglesey cough and throat lozenge manufacturer Allens & Co has sold the Allens brand to Yorkshire pharmaceutical manufacturer Thornton & Ross. The Allens brand consists of a range of herbal remedies for coughs, colds, bronchitis and sore throats.
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Companies
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Profits dip at Fugro Robertson
Fugro Robertson, the international geoscience business based in Llandudno, has reported a drop in pre-tax profit to £2.8m for the year to 31 December 2009 - down from £3.4m in the previous year. Turnover had also decreased compared to Robertson’s 2008 performance, with an £800,000 drop to £16.3m.
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Hawtin nets £275,000 from disposal
South Wales property investment business Hawtin has sold its 50 per cent stake in Hawtin Developments, producing a gain of £275,000. The proceeds will be used by Hawtin to reduce bank debt.
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Property and construction
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Biomass plan for Wrexham
Green Plan Energy has lodged a planning application for biomass power plant in Wrexham. The plans outline proposed works at the Bryn Lane site within Wrexham Industrial Estate, with Manchester-based HOW providing advice on the site’s environmental constraints.
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Government and politics
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Marine sector wins £23.6m investment
A £23.6m investment to grow Wales’ marine sector has been unveiled by the Welsh Assembly Government. As part of the investment, Bangor University’s SEACAMS (Sustainable Expansion of the Applied Coastal and Marine Sectors) project, backed by £12.6m from the European Regional Development Fund will go ahead.
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People
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Thorburn joins recycling team
Paul Thorburn, the former Wales rugby captain, is to join Recycle Direct, a Bridgend company that makes and repairs recycling equipment. Thorburn was strategic development manager at the Ospreys regional rugby side for four years and left the club in June.
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