Operating losses reduced marginally at Modern Water

(ShareCast News) - A reorganisation, some cost cutting, and an increase in monitoring revenue has led to Modern Water fractionally reducing its operating loss from £2.45m to £2.22m for the six months to 30 June.The water monitoring solutions company has increased revenue in its monitoring division by 7% to £1.56m.However overall revenue has remained flat, as the Membrane Processes Division brought in no revenue for the period.The company's re-organisation and reduction in headcount has also saved £0.7m, and overheads for the period have been reduced by 5% to £2.64m.However the cash balance has been slashed to £4.65m from £8.79m from the same period last year.Modern Water chairman Alan Wilson said it's clear the group has failed to deliver on its promises to its shareholders to-date and "we must do better"."To that end, we have implemented a restructuring plan in order to reduce operating costs and we are taking a critical look at our strategy. Some operating cost savings have already been made and more will follow."Wilson anticipates the strategy review will start to deliver benefits towards the end of the year.