7th Apr 2015 13:55
LONDON (Alliance News) - Camellia PLC said Tuesday that its wholly owned subsidiary AKD Engineering plans to close from the end of June, after several years of "substantial losses", which have been further compounded by the downturn in the oil and gas sector.
AKD Engineering's pretax loss for 2014 is expected to be around GBP7.7 million, widened from a pretax loss of GBP5.5 million in 2013.
Camellia and its subsidiaries work in agriculture and horticulture, engineering, food storage and distribution, private banking and financial services, and investments.
Shares in Camellia are trading flat at 9,020.00 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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