17th Sep 2014 10:10
LONDON (Alliance News) - Norcon PLC Wednesday said its pretax loss increased in the first half of 2014, as revenue declined after the start of several projects were delayed.
The management and outsourcing services company reported a pretax loss of USD827,000 for the half-year to end of June, compared with a loss of USD581,000 in the first half of 2013, as revenue declined to USD20.7 million, from USD22.9 million.
The company said it still expects revenue for the year as a whole to be level with 2013, as the delayed projects are now up and running and expected to give second half revenue a boost.
Norcon said it has seen growth in the US, and has signed a number of new clients and deals in the Asia Pacific region.
"The major investments being made in new technologies and cost saving initiatives across our markets of operations bode well for the future," said Tostrup.
"We continue to see the benefit from our strategy of diversification into wider markets with a further increase in our customer base, and are confident our three year plan is on track," said Chairman Trond Tostrup in a statement.
Norcon shares were untraded Wednesday morning at 21.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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