Redhall half-year losses more than double

12th Jun 2014 08:30

- Losses more than double for the half-year- Expects to make progress in the second-half- Prudent view for full-yearEngineering support services group Redhall posted half-year results in line with expectations a week after it issued a full-year profit warning and said Chief Executive Richard Shuttleworth had quit with immediate effect.For the six months ended March 31st, losses before tax widened to £1.02m from a loss of £449,000 a year earlier. Revenue slipped to £50.6m from £56.38m before.Operating profit before exceptional items rose 9% to £1.1m.On a more upbeat note, Redhall said it expects to make progress in the second half of the financial year."Although as announced June 6th 2014, this progress has been slowed by the delay to certain major projects for existing key customers due to either their budgetary pressures, or an extended design sign-off process.""Management have now set expectations for the current year which reflect these delays and a more prudent approach has been adopted to future forecasting," the group said.Chairman David Jackson added: "The new management team has set realistic targets for the future and will concentrate on maximising profitable execution. There has been much change in the group in the last 18 months and we look to a period of stability in order to assist Redhall to reach its full potential."Redhall said its financial position had improved after its £7m share placing in March.The board has recommended that no interim dividend will be paid in 2014.CJ