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(Alliance News) - RA International Group PLC said Tuesday interim profit and revenue fell amid contracts delays, with the second half of 2019 set to experience a strong performance.
Shares in RA International were 14% lower at 39.55 pence in London on Tuesday.
For the six months ended June, pretax profit halved to USD2.6 million from USD5.0 million the year prior. This was despite revenue falling 20% to USD23.0 million from USD28.7 million the year before.
RA International - which provides remote site construction and services - does not pay an interim dividend.
"We are pleased and encouraged by the value of contracts awarded to the group in the first half of 2019 and whilst the delay in being awarded a particular contract has impacted on first half financials, the company is set for a strong second half of the year," RA Chief Executive Officer Soraya Narfeldt said.
During the period, the firm secured USD65.8 million worth of new multi-year contract awards.
"All contracts expected to significantly contribute to the second half od 2019 revenue have now commenced and we continue to bid for large, long-term contracts in line with our strategic plan," Narfeldt said.
