Stock Market News
Redhall Group's losses deepen as contracts delayed
Manufacturing and specialist services business Redhall Group's first half losses increased after contract delays took a toll on the company's revenue.
In the six months leading up to 31 March, the AIM-traded company's losses jumped 211% to £2.4m compared to the same period last year and revenue fell 23% to £14.7m after delays in the award of contracts Hinckley Point nuclear project.
Another factor in the company's increased losses stems from exceptional operating costs of £0.5m spent on site closure and restructuring.
The company registered net debt of £4.5m, down from net cash of £0.1m on 20 September.
However, Redhall's order book has grown to £37m, from £32m in December, exluding an £18m framework agreement won by its portfolio company Jordan Manufacturing for Sellafield.
Martyn Everett, chairman of Redhall, said: "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. We also see strong demand for our food process manufacturing and installation and mobile networks businesses."
The company said it expects strong trading in the second half of the year to keep full year performance in line with expectations as the company starts to reap the rewards of its operational excellence programme.
As of 1514 BST, Redhall Group's shares were down 7.04% at 8.25p.
In the six months leading up to 31 March, the AIM-traded company's losses jumped 211% to £2.4m compared to the same period last year and revenue fell 23% to £14.7m after delays in the award of contracts Hinckley Point nuclear project.
Another factor in the company's increased losses stems from exceptional operating costs of £0.5m spent on site closure and restructuring.
The company registered net debt of £4.5m, down from net cash of £0.1m on 20 September.
However, Redhall's order book has grown to £37m, from £32m in December, exluding an £18m framework agreement won by its portfolio company Jordan Manufacturing for Sellafield.
Martyn Everett, chairman of Redhall, said: "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. We also see strong demand for our food process manufacturing and installation and mobile networks businesses."
The company said it expects strong trading in the second half of the year to keep full year performance in line with expectations as the company starts to reap the rewards of its operational excellence programme.
As of 1514 BST, Redhall Group's shares were down 7.04% at 8.25p.
Related share prices |
---|
Redhall Group (RHL) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price