16th Sep 2015 09:05
LONDON (Alliance News) - Fresh water production and water monitoring technologies company Modern Water PLC on Wednesday said its pretax loss narrowed marginally in the first half as revenue ticked up slightly.
Modern Water's pretax loss for the six months to the end of June was GBP2.2 million, compared to a GBP2.5 million loss a year earlier, as revenue rose slightly to GBP1.6 million from GBP1.5 million but its costs edged lower thanks to a restructuring, which included job cuts which reduced its overheads.
"It is clear that Modern Water has failed to deliver on its promises to its shareholders to-date and we must do better. To that end, we have implemented a restructuring plan in order to reduce operating costs, and we are taking a critical look at our strategy. Some operating cost savings have already been made and more will follow. I anticipate that the strategy review will start to deliver benefits towards year-end," said Alan Wilson, Modern Water's chairman.
The group said its monitoring order book increased 20% in the half to GBP600,000 at the end of June, up from GBP500,000 at the comparable point a year ago. The group is close to securing a contract with the Gibraltar government for the Gibraltar Wastewater Treatment Plant, worth GBP20.5 million, and expects this to be ratified in coming weeks.
Shares in Modern Water were down 4.8% to 9.40 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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