Global Invacom expecting loss for the year

(ShareCast News) - Global Invacom Group updated shareholders on its trading on Thursday, saying that following a preliminary review and assessment of the projected financial statements, it expects to report a net loss for the financial year ending 31 December.The AIM-traded company said the loss would be primarily due to the group's consolidation of its manufacturing operations in the People's Republic of China, as announced on 8 November."The Group will incur one-off shutdown expenses of approximately $3m for the closure and cessation of Radiance Electronics Shenzhen," the board said in a statement.Global Invacom said it anticipated that the consolidation will translate into improved gross margins and operational cost efficiencies in FY2017 and beyond."The group expects to announce its unaudited results for FY2016 in February 2017."