28th Sep 2016 08:55
LONDON (Alliance News) - RM2 International SA on Wednesday reported a narrowed pretax loss in the first half of 2016 as sales more than doubled on the back of recurring revenue and new contracts.
The shipping pallet developer said its pretax loss in the six months to the end of June narrowed to USD23.9 million from USD25.2 million in the first half of 2015, as revenue more than doubled to USD3.7 million from USD1.8 million.
RM2 said the first half was helped by recurring revenue from customers, while it also signed long-term contracts with "some of the largest and most recognisable companies in their sectors". One of those customers was Canadian supermarket chain Loblaws, which began accepting RM2's pallets in its supply chain in March.
"Demand for our innovative and environmentally friendly BLOCKPal pallet remains strong and we are in advanced discussions with a number of new customers. We expect to make a number of further announcements in the coming months," Chief Executive John Walsh said in a statement.
Shares in RM2 were trading down 4% at 27.85 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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