Business briefs: Groupon’s daily deals fail to deliver | Petrofac to service Iraw oil operation | ReNeuron

Groupon has missed Wall Street revenue estimates on a weak European economy while its high-margin daily deal business slowed.

At least two brokerages downgraded the US company’s shares and four others cut their price targets. Groupon is among several internet firms, including Facebook, that have disappointed investors after raising expectations on their market debuts. Groupon’s original high-margin business, which promotes to its members discounted daily deals on behalf of retailers, shows signs of slowing.

Petrofac to service Iraq oil operation

Petrofac, the oil services firm with large operations in Aberdeen and Montrose, yesterday announced a $100 million (£63m) operations and maintenance contract in the Persian Gulf.

News of the 12-month deal with Iraq’s South Oil Company came a day after the firm’s shares were hit by an update warning that a number of contracts had been delayed into next year.

Meanwhile, Aberdeen-based Wood Group said it had won a A$10m (£6.7m) contract with Shell to build a computerised maintenance system for a floating gas plant off Australia.

Stem cell trials boost ReNeuron

SHARES in life sciences outfit ReNeuron surged 8 per cent yesterday after the firm posted a positive update on its stem cell trial being carried out on stroke patients at Glasgow’s Southern General hospital.

The company is injecting stem cells – which have the potential to develop into any other type of cell in the human body – into patients’ heads to try and repair their brains.

It said no adverse effects had been seen in the first batch of patients and the independent body overseeing the trial had recommended that it advances to higher doses.