18th Sep 2013 09:09
LONDON (Alliance News) - Modern Water PLC showed narrower pretax losses despite waning revenues for the half-year ended June 30, helped by reorganisations in 2012 and lowered overheads in 2013.
For the half year ended June 30 the company posted a pretax loss of GBP2.3 million, narrowed from GBP2.7 million in the previous year.
Revenues dropped 25% to GBP1.5 million from GBP2.0 million. Delays in projects hampered revenues from the company's Membrane division, reducing revenues to GBP22,000 from GBP282,000 in the previous year. A weaker performance from the company's Monitoring Division also effected results, dropping to GBP1.5 million from GBP1.8 million.
Despite the falling revenues, Modern Water remained positive about its future, saying that improved strength in its management team had helped to strengthen its geographical reach in North, Central and South America. "We look forward to reporting encouraging progress at the end of the year," said Chairman Neil McDougall.
Shares in the water-treatment company were trading up 0.25 pence at 40.00 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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