(Alliance News) - Engineering company Tex Holdings PLC on Wednesday suspended its dividend payout after swinging to a loss for the first half on lower margins and additional professional fees.
The company, which supplies hydraulic piling hammers, air traffic control rooms and radio frequency-blocking glazing, recorded a pretax loss of GBP318,000 for the six months to June-end, compared with a GBP96,000 profit. Revenue for the period increased nearly 6% to GBP21.8 million from GBP20.6 million.
Operating loss for the period totaled GBP16,000 versus GBP191,000 profit.
"The group has experienced a slow-down in the UK domestic and European markets due to the uncertainty and general lack of confidence surrounding the Brexit issue," Tex said, adding that it anticipates investments in assets and acquisitions to result in an improved trading performance, albeit with higher working capital.
The company is not not proposing to pay an interim dividend. Tex paid a 2.5 pence per share dividend in the comparative year ago period.
Tex shares are currently suspended.
