LONDON (Alliance News) - Redhall Group PLC Chairman David Jackson Wednesday said trading in the first half of the company's financial year will be marginally ahead of last year, but its profitability will be weighted towards the second half after delays in some of its key projects.
In a statement ahead of the company's annual general meeting, Jackson said Redhall was confident of meeting management expectations for the full year despite the delays.
"We have recently been awarded a contract for Dounreay Site Restoration Ltd valued at GBP1.6 million resulting in our order book now standing at approximately GBP100 million with the potential for further substantial defence orders. The group's core markets continue to show good growth and management remains focused on converting opportunities and adding to the order book," Jackson said in the statement.
He said that the recent disposal of the company's Northern Ireland unit CINIL will result in a loss of about GBP132,000. The company has also decided to make provisions to cover expected shortfalls in the likely recovery of retentions relating to legacy business. It expects that the exceptional charge for the provisions and the Northern Ireland unit sale loss to be no more than GBP500,000, Jackson said.
The company's financial year runs from October 1 to September 30.
Redhall Group shares were down 1.2% at 41.5 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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