RM2 International narrows loss with surging revenue

15th Jun 2015 09:53

RM2 International expressed a positive outlook as it narrowed its pretax profit loss and significantly boosted its revenue in 2014.The shipping pallet seller and provider posted a pretax loss of $47.3m in the 12 months to 31 December, an improvement from $77.2m in 2013.Revenue soared to $2m from $0.1m on stronger-than-expected demand and lower finance costs, which almost halved from $33.5m to $18m, offsetting AIM listing fees.Output and supply was initially hampered by a move to a new production facility in Ontario, acquired at the start of the year, although this is now set to fulfill a multiple future contracts.The deployment of pallets is expected to expand significantly over the remainder of 2015 and into 2016, owing to a substantial agreed sale to a major industrial customer."We are now producing pallets in increasing numbers which enables us to engage with leaders of large global businesses about their deployment and makes the coming months very important for RM2," said chief executive officer John Walsh."Thus far the response of these key individuals has been very satisfactory and we are confident in the future," he added.As of 1030 BST, RM2 International was trading 4.3% lower at 66p.