Higher food prices may be a headache for most, but not for New Britain Palm Oil. The Papua New Guinea-based producer reported a 93 per cent rise in first-half pre-tax profits yesterday to $68.1 million (£34.6million), boosted by palm oil prices creeping towards $1,000 a tonne amid strong demand from the food and biofuels industries.

Nick Thompson, the chief executive, said that he expected the market to remain tight and that New Britain would look to increase production.

The company also plans to spend about £18 million on building an integrated palm oil processing facility in the North of England to produce refined palm oil to cater for the growing demand for fully traceable, sustainable palm oil within the European Union.

Last week, Unilever, which uses palm oil in common household products including Flora margarine, said that it had resorted to diluting palm oil with other edible oils to counter shortages and high prices. The consumer goods giant said that its commodity costs had increased by about €600 million (£476 million) in the second quarter. However, New Britain’s shares fell 8¾p to 385p.

After the Euro 2008 tournament already this summer and with the football season fast approaching, trading at Powerleague Group was always likely to be buoyant. The company’s shares rose 1½p to 45¾p after the five-a-side football centre operator said that it was confident of another year of revenue and profit growth. It also announced the acquisition of its 43rd football centre, in Stockton-on-Tees, which has ten pitches.

Avanti Screenmedia, up 0.88p to 3.125p, was also in sporting mood, signing a three-year deal with Setanta Sports to sell airtime and associated advertising and sponsorship into pubs on its sports channels.

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