Avesco predicts return to profit

Giant TV screen renter Avesco halved interim loses and expects to make a trading profit for the full year buoyed by orders for the World Cup and World Expo in Shanghai.Losses in the six months to March came in at £2.5m compared with £4.9m last time, with trading losses before one-offs and amostisation of £1.1m against £4m. Revenues for the six months rose by 15% to £54.8m."2010 is developing far more positively after an exceptionally difficult 2009. As the year has progressed our clients' outlook has become more upbeat and the group's order book for the summer period is much stronger," chief executive Ian Martin said."We are seeing significant business from the 2010 FIFA World Cup in South Africa and the World Expo in Shanghai and there has been a marked upturn in the North American market. Responding to faster than anticipated acceptance of our 3D camera technology we are accelerating our development in this area," he added.Net debt at the end of the period reduced to £17.5m (2009: £25.9m), though Avesco says capex will rise because it has brought forward the purchase of LED screens for the 2012 London Olympics.