LONDON (AFX) - Ross Group PLC reported widening losses for the first half but said it is hopef
ul of a much improved result in 2007.
Operating losses for the six months to June 30 2006 increased to 541,000 stg from 336,000, while pretax losses widened to 541,000 stg from 465,000, following a slow start to the year at the group's GEL Engineering subsidiary.
Revenues grew to 592,000 stg from 255,000.
'Whilst this result is extremely disappointing there are encouraging signs of a potential recovery which indicate that 2007 should see a much improved result,' said chairman A Ma.
The group said recent sales orders will not be sufficient to turn the half-year loss into a full-year profit, but the increased sales order book carried into 2007 should push the group back in to profit.
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