20th Sep 2013 08:23
LONDON (Alliance News) - Eleco PLC Friday reported a wider pretax loss as it continued to struggle with challenging trading conditions and revenues fell, but said it remained confident about its full year prospects because it's seeing an upturn in its own business and the wider economy.
For the half year ended June 30, revenues were GBP13.2 million, down from GBP13.5 million in the previous year, and its pretax loss widened to GBP610,000, from a loss of GBP327,000, due to the revenue decline and as it spent more on software development.
The company sold its loss-making building systems businesses in May, and has also been cutting costs.
"It is clear from the Group's performance over the past half year that trading conditions have been challenging," said Executive Chairman John Ketteley in a statement. "With that being said however, the increasing signs of both an upturn in our business and the wider economy are strongly encouraging."
Shares in the building systems and products company was trading down 5.1% at 18.27 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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