29th Jul 2015 10:01
LONDON (Alliance News) - Associated British Engineering PLC on Wednesday posted a narrower pretax loss as its revenue came in broadly flat in the year to the end of March.
The company said its pretax loss for the year was GBP179,000, compared to a GBP328,000 loss a year earlier, as revenue fell to GBP2.6 million from GBP2.7 million.
The higher profit was largely the result of a fall in costs in the company's British Polar Engines Ltd operating subsidiary, as trading for the business was subdued by the slowdown in spending plans in the oil and gas industry.
Associated British Engineering said British Polar is working to gain a presence in markets outside of the offshore oil industry, and the company said it is confident sales will improve.
Shares in the company were untraded on Wednesday, having last traded at 110.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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