It says that future cashflows are not expected to support the business through the coming year.

Last month the firm decided to sell its key assets, the IP and stock of the Hot Tuna brand. The board says it is currently working with interested parties and it expects to present a firm purchase offer to shareholders in January. 

It says that it has received strong interest in the potential sale. However if a sale is not agreed then the board will investigate funding solutions and aggressive overhead cutting while working constructively with its Australian distributor.

If a sale is agreed then it is expected that the stock will remain listed as a ‘shell’ company.

In Hot Tuna’s final results for the year ended June 30 2011, announced today, it revealed a disappointing sales performance.

Turnover reduced to £0.21 million from £0.46 million in the previous year. The firm also reduced stock ordering though and it reported a small gross profit of £0.05 million, compared with a £0.03 million loss in 2010. The firm ended the period with £0.68 million cash.

On AIM Hot Tuna shares fell 0.04p, or 36 per cent, to stand at 0.08p.

Building materials supplier Wolseley (LON:WOS) reported this morning that first quarter results show that it is continuing to grow steadily, although it warned that trading conditions may get tougher in the coming months.

Wolseley, which supplies plumbing and heating products as well as building materials to markets in North America and Europe, reported that like-for-like revenues increase by five per cent to £3.6 billion during to the three months to October 31. The firm’s trading profit improved by 16 per cent to £185 million.

Wolseley also reduced its adjusted net debt by £118 million during the three-month period to £587 million. 

“Wolseley has continued to grow well, with strong growth in the USA offset by lower growth in some of our European businesses,” said Ian Meakins, the firm’s chief executive. “Given continuing macroeconomic uncertainty, trading conditions may get tougher in the coming months. We will remain vigilant on costs and continue to drive performance improvements, strong cash conversion and better customer service.  Our balance sheet is strong and the group is well positioned to continue to invest selectively where we can generate good returns.”    

The firm added that it has disposed of three businesses recently. On October 31 it sold its UK-based insulation business, Encon, for up to £42 million. In November it completed its disposal of Build Center, while also selling its minority stake in Stock Building Supply for £15 million.

Shares in the FTSE100 firm were up 2.3 per cent at 1,946 pence each by 10am today.

Wolseley’s (LON:WOS) self help measures appear to be working, which is fortunate given the rather uncertain economic outlook.

The world’s largest building supplies group, with operations in the US and Europe, this morning reported a £172 million uplift in underlying profits to £66 million for the year to the end of July.

The owner of the Plumb Centre chain here in the UK said trading margins increased to 4.6 per cent from 3.4 per cent thanks to a tightly controlled cost base.

Investors were rewarded with a 30 pence final dividend, taking the total payout to 45 pence.

However the shares fell 2.2 per cent in early trade to 1,502 pence after chief executive Ian Meakins gave a rather mixed assessment of prospects.

He said: “We continued to grow our business and revenue growth trends in August and September have been similar to the fourth quarter last year.  

“However, recent economic forecasts have weakened and over time this is likely to have an impact on our markets. 

“Wolseley is in good shape: we have strong market positions in large attractive markets with an effective business model and significant opportunities for growth.

"The business is highly cash generative and borrowings are at a ten year low.  

“We expect to increase investment in the business where we can generate good returns. 

“Operationally, we will remain focused on improving the service to our customers and developing our strategy to gain market share and protect margins. In the current environment, we will remain cautious on the cost base."

Although EPS rose 14 per cent 69 pence a share, the figure was still below consensus forecasts of 73.7 pence. 

Per share earnings were up 16 per cent for the year at 226 pence as operating profit grew 13 per cent to £2.1 billion on revenues of £8.45 billion.

Despite the miss chief executive Bart Becht said: “Reckitt Benckiser enjoyed another year of market-beating results, despite declining global market growth.”

Like-for-like net revenue growth was above 6 per cent for the group excluding the newly acquired condoms business SSL and +5% for the base business, driven in particular by “excellent developing markets growth".

In the results there was an update on Suboxone, the company’s heroin substitute, which is expected to come under generic competition at any time.

RB revealed that a patent protected Suboxone had captured 25 per cent US market share – which was well ahead of expectations.

PZ is setting up a food ingredients business as a JV with Singapore based Wilmar International Limited, an Asian agribusiness group.

The companies intend to develop a range of branded products including edible oils and nutritional spreads.

The joint venture will secure the availability, quality and cost of the oil ingredients through the construction of a palm oil refinery in Nigeria, expected to be completed within two years.

PZ Cussons' share of the investment in the joint venture will be approximately US$27 million over two years.

Following completion of the refinery, the joint venture is expected to be earnings enhancing in its first full year of trading.

PZ Cussons also reported that Nutricima, the JV with Glanbia PLC (LON:GLB) which develops nutritional beverages for the Nigerian market, continues unaffected and independently of the new JV.

Wilmar International Limited is one of the largest listed companies by value on the Singapore Exchange with a market capitalisation of approximately US$29.5 billion.

The JV will be structured as two JV companies: a branded products company to be held 51% by PZ Cussons and 49% by Wilmar and a palm oil refinery company to be held 51% by Wilmar and 49% by PZ Cussons.

Clearance by the European Commission is expected under the simplified procedure within 25 business days from notification, which is expected to be submitted shortly.

The luxury interior furnishings specialist achieved a turnover increase of 15.6% to £33.67 million in the six monthas to July 31 2010 as the mid-market brands of Harlequin and Sanderson performed strongly with Sanderson half yearly sales rising 17%.

Pre-tax profits soared 306% to £2.31 million and earnings per share were up 253% at 2.72 pence.

Manufacturing has benefited from an increase in demand for printed fabric and wallpaper with first half sales rising 27%.

The strong financial performance allowed Walker Greenbank to declare an interim dividend of 0.15 pence per share, the first in 13 years.

“Our excellent first half results reflect the strength of our brand sales and manufacturing in an improved marketplace," said chairman Terry Stannard.

“Our continued strong investment in new product launches gives us excellent growth opportunities in domestic and international markets.”

The company stated that the business has traded well in the first ten weeks of the second half, while new product launches are giving it excellent growth opportunities in domestic and international markets.

“We enter the autumn selling period with confidence of delivering a strong full year performance,” said Stannard.

Edison Investment Research said in a report that Walker Greenbank has fully lived up to the recent positive trading statements, which seem to defy the problems across UK consumer markets.

Revenue growth in the second quarter has lifted to group ahead of pre-recession levels, which the balance sheet remains strong despite increased investments.

The research house said that the stock’s current value did not reflect the progress made by the group.

“We find it hard to understand why the shares command such a poor rating. We would suggest that the current interim announcement may be the appropriate catalyst for an overdue re-rating,” said Edison, noting that Walker Greenback’s shares have always been valued at a discount to other up-market UK consumer goods suppliers.

As the results were “comfortably ahead of City estimates”, Edison decided to raise its estimates for the company by about 10%.

Walker Greenback is now expected to have earnings per share (EPS) of 5.1 pence per share in the 2011 full year, up from the previous estimate of 4.6 pence, while pre-tax profits are seen at £4 million compared to the previously forecasted £3.6 million. EBITDA (earnings before interest, taxes, depreciation and amortisation) estimate for 2011 was revised from £5.7 million to £6 million.

Shares in Walker Greenback have already started to appreciate, climbing 5% after the results were released.

“New Wolseley ... [is] expected to enable the group to achieve a competitive effective corporate tax rate,” the company stated. "The proposals will not change the tax position of the UK business.”

Separately the company announced that former Imperial Tobacco (LON:IMT) chief executive Gareth Davis will succeed retiring chairman John Whybrow in January 2011.Davis is currently William Hill (LON:WMH) chairman and non executive director at DS Smith (LON:SMDS)

Davis has been a non executive director at Wolseley since 2003, and he will now step up to take the key figurehead role.

“Wolseley is an excellent business and while it has been through very difficult market conditions recently, it is now emerging strongly with a clear strategy and direction," Davis commented.

In this morning’s final results, the British builders merchant told investors that it would resume dividend payments in 2011.

For the twelve months ended 31st July 2010, Wolseley reported an improved like-for-like revenue performance in H2. However at constant currencies annual revenue dropped by 10% to £13bn. The company reported its pretax loss narrowing to £328 million from 766 million a year earlier.

"The behaviour of some of our employees in this matter was totally unacceptable ... We do not tolerate such behaviour and appropriate disciplinary action is being taken.”

Although De La Rue noted a £35m adverse impact on pre-tax profit - including one-off costs such as stock write-offs, professional fees, rectification and production trial costs. The ultimate cost of the problem remains unclear.

“Quantification of the financial impact on the group for the full year and subsequent years is not possible at this stage pending the outcome of discussions with customers and the relevant law enforcement bodies,” the company stated.

The FTSE250 constituent emphasised that production is now within specification, and it is now ready to resume supply of fully compliant paper.

Previously, in August, De La Rue chief executive James Hussey resigned when the ‘serious’ problem initially came to light.  However at that time, the difficulties were described as ‘quality and production irregularities’.

Following Hussey’s resignation, non-executive chairman Nicholas Brokkes was made executive chairman, while group finance director Colin Child took on the additional role of chief operating officer. Both position will be effective until the appointment of a new CEO.

The group said the aforementioned irregularities were of “serious nature” and it was still looking into them and assessing their impact on its financial performance in the current year and the group’s prospects.

“De La Rue is confident that neither the physical security nor the security features incorporated in the paper have been compromised for any customer and that the irregularities referred to above relate only to testing of paper specifications at the relevant facility,” De La Rue said in the statement.

De La Rue stated that all of its other activities including currency printing remained unaffected by the irregularities. The group has previously warned that sales this year and in 2011 would be materially lower due to the impact of the quality issues.

Shares in the company tumbled 12% on the news in early trade.

The group said annual pre-tax profits rose 14.6 per cent to £101.8 million, while the total dividend has been hiked 12 per cent to 5.9p.

Chairman Richard Harvey, the former Aviva (LON:AV) chief executive, said the company’s performance had been hampered by Nigeria imposition of banking controls, which had the knock-on effect of hitting consumer demand.

But overall, he was upbeat on the prospects for the firm: "Overall performance since the year end has been in line with management expectations.  We look ahead with cautious optimism and an entrepreneurial spirit despite an uncertain consumer outlook in a number of markets."

"Having two very credible development partners ... will enable us to crystallize our development programme and establish Viridas as a leading producer of truly sustainable, renewable dedicated bio-fuels,” he added.

In Brazil, Viridas is developing a jatropha curcas plantation - a dedicated energy crop with average 30% oil content of over 30%, which can be processed into biofuel - which is expected to begin commercial production in 2013. The company notes that it is implementing an owner/operator plantation model, which has proven successful for other listed plantation companies.

Jatropha curcas crops can be used to produce biomass and biooil for the production of bio-diesel and bio-kerosene. The company will process the biomass, from the Jatropha curcas seeds, into crushed ‘seed-cake’, in a facility in the UK.

Under the terms of the agreement, SSL shareholders will receive 1,163 pence in cash and a final dividend of 8 pence per share, making for a total consideration of 1,171 pence per share. The price represents a 32.8% premium to SSL’s closing price on Tuesday of 882 pence and a premium of 39.3% to the average closing price of 840.7 pence over the one month period to 20 July.

SSL directors have recommended the shareholders to accept the offer after deeming it “fair and reasonable".

SSL owns the Durex condoms and Scholl footwear and footcare products brands.

Reckitt Benckiser said that global health & personal care business has been the key driver behind its revenue growth and profit progression. The acquisition is expected to boost its revenues in that segment by 36% to £2.8 billion, which will make for a third of the total, while also enhancing the scale and critical mass of Reckitt Benckiser’s businesses in China and Japan. Cost synergies are projected to reach £100 million per annum.

SSL achieved a 4% growth in its branded consumer business in the last financial year.

“This, combined with the good growth potential of the SSL business, makes it an attractive acquisition for Reckitt Benckiser's shareholders. Excluding restructuring charges, the deal is expected to be immediately earnings enhancing for Reckitt Benckiser,” said Chief Executiveof Reckitt Benckiser Bart Becht.

For the year ended 31 March 2010, SSL reported sales of £802.5 million and operating profit of £126 million. In the same period, SSL achieved reported sales growth of 24.9%.

Shieldtech has secured contracts to supply UK and Turkish police forces, worth £33 million and £1 million respectively, and said that revenues and financial results for the full year will be below expectations.

The company’s subsidiary Aegis Engineering Limited has been appointed as a potential supplier under the “National Framework Agreement for the Supply of General Patrol Body Armour” to various UK Police Forces and other public sector organisations after being chosen with three other companies out of the 32 that expressed interest in the contract. The agreement, which potentially includes 25 UK police forces, will commence on 1 June 2010 and conclude on 31 May 2014.

Aegis has also been awarded a contract to supply the Turkish national police force with ballistic panels in June 2010.

The company also issued a profit warning, saying that the outcome of the financial year will be below current market expectations as revenues will be marginally lower than in the previous year due to the delays in anticipated business volumes in some countries including Belgium and lack of the demand in the UK police market. Shieldtech said that the upturn in this market sector will not come any sooner than in Q1 of the next financial year at the earliest.

The company was still upbeat about its international expansion and trading outlook for the next year.

“The Turkish national police contract is a significant step forward in building our international platform as we continue to expand our business overseas with a growing network of agents and distributors...as demonstrated by the two contract wins announced today, Shieldtech has a very attractive pipeline of new business activity, the full financial benefit of which will become evident in the next financial year,” said chief executive Tony O’Neill.

Operating profits in the full year to 27 March 2010 jumped 13% to £109.2 million, while pre-tax profit improved 1% to £96.6 million. Earnings per share rose from 57 pence to 76.2 pence, leading to an increase in dividends to 42.3 pence from 41.1 pence.

Other financial highlights of the period included a profit margin of 19.5%, an operating cash flow of £116 million and the sale of Camelot investment. The company has also secured a 10-year £400 million UK passport contract.

The company offered a positive outlook, saying that banknote volumes will stay the same in 2010/11 but with a greater weighting towards the second half, while pension charges will increase by £3 million.

“The strong margin mix in Currency will not be repeated in the current financial year.  It is expected that this will be offset by productivity gains, by cost reduction, especially in Cash Processing Solutions, and by improved trading in other parts of the business,” said chairman of De La Rue Nicholas Brookes.