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Don't have an account? Click here to register.Roof falls in at Hightex
Mon, 19th Sep 2011 13:04
Shares in Hightex fell sharply after the maker of roofs for stadiums said it will see a loss in its interim results after failing meet margin targets on three big contracts.The company is building roofs for the Olympic Stadium in Kiev, Ukraine, the National Stadium in Warsaw, Poland and the BC Place Stadium, Vancouver, Canada.It expects revenues for the full year to 30 June to come in at €17m, a 22% rise from the previous year.However, it added that it had seen costs exceed targets on all three big projects and that it expects to post a €1.3m operating loss for the six months to 30 June.The company added: "The absence of any new significant contracts being awarded so far this year to any company in Hightex's strategic target markets will have the effect that the results for the year to 31 December 2011 will also show a loss, but the board is making good progress on potential new significant contracts in Europe, Latin America and the Middle East and is optimistic of securing contract wins."At 2.05pm, shares in Hightex were down by 19% at 3.12p.---RG
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