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LONDON (Alliance News) - Associated British Engineering PLC Wednesday reported higher revenues for the first half of its financial year thanks to demand from the oil services support industry, but its operating loss remained the same as operating costs rose.
The engineering group reported a pretax loss of GBP115,000 for the six months to September 30, compared with a GBP120,000 loss a year earlier as financing costs fell, while its net loss widened to GBP131,000, from a GBP113,000 loss, as it paid GBP16,000 in tax compared with a tax credit of GBP7,000 last year.
However, its operating loss was flat at GBP128,000, despite its revenue increasing to GBP1.4 million during the first half, up from GBP1.2 million the prior year, largely due to higher demand from the oil services support industry.
The group said that it is seeing positive signs in its markets, and its continues to seek out new business.
Associated British Engineering shares were down 6.7% Wednesday afternoon at 140.00 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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