13th Jun 2018 10:19
LONDON (Alliance News) - Manufacturing and services firm Redhall Group PLC said Wednesday its interim loss deepened as costs remained high despite a fall in revenue, whilst order-book growth gave it confidence for the future.
For the six months ended March, pretax loss deepened to GBP2.5 million from GBP180,000 the year prior. This was after revenue dropped to GBP14.7 million from GBP19.0 million the year before.
Profit performance was hurt by costs as well. Despite the GBP4.3 million fall in revenue, costs of sales only dropped by GBP2.5 million to GBP12.1 million from GBP14.6 million the year prior. Meanwhile, administrative expenses rose to GBP5.1 million from GBP4.6 million the year before.
The order book rose to GBP37 million from the GBP32 million reported both three months earlier and the year prior.
Redhall does not pay a dividend.
"Our order book and pipeline provide us with confidence for the group's future as a leading player in our core nuclear defence, decommissioning and new build markets," Redhall Chairman Martyn Everett said. "We also see strong demand for our food process manufacturing and installation and mobile networks businesses. We remain focused on winning work in these sectors, and in other key infrastructure markets, with the objective of returning Redhall to meaningful levels of profitability."
Shares in Redhall were 6.6% lower at 8.29 pence on Wednesday.
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RHL.L