RA International to fall short after project delays

17th Dec 2018 08:29

(Sharecast News) - Construction services outfit RA International has made some "good progress" on its strategic objectives since admission to trading on AIM earlier this year, but expects results to come in below expectations as a result of several project delays.RA told investors on Monday that its directors had sought to grow its business by targeting larger-scale contracts, which resulted in a "change in revenue composition", with an increased proportion from government and commercial sectors, as well as broader geographic exposure.The Dubai-based group revealed it had increased revenue backlog in its first trading year on London's junior market, but noted that several projects which were expected to contribute to its second half revenues had been delayed "for reasons outside the company's control" and will now take place in the first half of 2019, leaving RA "slightly behind market expectations" for the current year.Looking forward, chief executive Soraya Narfeldt, said: "Whilst it has so far taken longer than anticipated to convert bids into contracts, we have a strong pipeline of projects across a range of sectors and a project management team capable of executing and delivering larger projects."As of 0830 GMT, RA shares had picked up 2.77% to 63.72p.