Associated British Engineering First Half Loss Widens

LONDON (Alliance News) - Associated British Engineering PLC Friday reported a widened pretax loss for its first half, as it saw revenue more than halve, and said it was continuing to review its options for future development

For the half year to end-September the company reported a pretax loss of GBP478,000, widened from a pretax loss of GBP179,000 a year before, as revenue more than halved to GBP640,000 from GBP1.6 million a year before.

The company attributed the fall in revenue to a number of its customers, particularly in the oil sector, cutting spending and postponing maintenance work. Additionally, some expected business with overseas customers has been delayed due to regional issues.

Associated British Engineering said it has reviewed its position and is confident it can recover future sales, and said it "expects to see a significant improvement over the next six months."

"These are difficult times but the group has taken corrective action and our review of the market shows that there are opportunities to recover the situation," the company said in a statement.

Shares in Associated British Engineering were trading flat at 80.00 pence Friday afternoon.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

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