In Brief: Optare motors ahead; Enegi strikes oil; Bad news is good for Tenon

LANCASHIRE bus maker Optare today said it was optimistic about its future on the back of a strong order book and new vehicles in the pipeline.

It said its new double deck hybrid bus, rapta, and its zero-emission midi-bus, Solo, were well received at the recent Euro Bus Expo Exhibition in Birmingham, and the company approaches the end of the year with an order book of almost £60m.

Non-executive chairman John Fickling said: “The group has achieved a great deal this year with progress having been made across all areas of the business. Whilst we have to be mindful of the wider economic climate, our streamlined production facility and a strong order book give the board strong cause to be optimistic for the future.”

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MANCHESTER oil exploration business Enegi Oil has confirmed the presence of oil and gas at its site in Newfoundland.

But it said the economic significance of the discovery was unclear.

Chief executive Alan Minty, said: “The presence of oil and gas within the Aguathuna formation is very exciting. We will continue drilling the horizontal side track with the expectation that it will be brought on to production following the well testing programme.”

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INSOLVENCY specialist Tenon said its recovery services have performed well and its expects more work as the economy weakens.

Chief executive Andy Raynor said: “The success of recovery and supporting services has been underpinned by careful working capital investment. Strong financial control continues to be a main feature of the Tenon business and bank debt will remain in line with our expectations and well within our established facilities.”

He added: “Continuing changes in the financial markets will affect all sectors, and we have accelerated the pursuit of further performance improvements throughout the Tenon businesses.”

The group holds its AGM today.