13 June 2018 – interim results
The manufacturing and services group has announced its interim results for the six months to 31 March and these have revealed a downturn in turnover to £14.7m (2017: £19.0m) as the group suffers from delays in orders and progress on certain contracts including Hinckley Point C. As a result the adjusted loss before tax for the period was £2.13m (2017: loss of £0.26m). These are clearly disappointing results although the order book has risen to £37m and this excludes an £18m framework agreement won by subsidiary company Jordan Manufacturing for work at Sellafield. Senior management changes are taking place at the company and the second half is expected to produce a much improved performance. Although the shares have been a major disappointment so far we remain optimistic that they offer significant potential and we therefore rate them as a SPECULATIVE BUY.