29th Nov 2019 10:41
(Alliance News) - Associated British Engineering PLC on Friday reported a narrowed loss for the first half of its financial year, following revenue growth on an improved performance from subsidiary British Polar Engines.
For the six months to the end of September, the engineering services firm reported a pretax loss of GBP179,000, narrowed from GBP342,000 the same period the year before.
This was on revenue that increased by 12% to GBP557,000 from GBP498,000, driven by a modest increase in sales from British Polar Engines, while the group's operating costs dropped to GBP734,000 from GBP835,000.
However, Associated British Engineering said it considered the modest sales rise a "disappointment", and has instituted a round of reorganisation and rationalisation within the various arms of the business.
Following the end of the period, the group has negotiated the utilisation of surplus space, which it expects to benefit future results. Looking ahead, Associated British Engineering has recognised a rise in sales opportunities in the spears business, and is working convert these leads into actual sales.
Shares in Associated British Engineering - which is headquartered in Cambridge - are currently suspended in London, last quoted at 15.00 pence.
By Dayo Laniyan; [email protected]
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