Partner Article

Wakefield’s Redhall Group widens pretax losses

Wakefield’s Redhall Group has reported a drop in revenue and pretax profit after a difficult 6 months.

Losses before tax widened from £449k in the 6 months to March 31 2013 to losses of £1.02 million in the same period this year.

Revenue dipped from £56.3 million to £50.6 million, although overall the operating profit before exceptional items increased by 9.0% to £1.1million despite this dip.

Redhall is an engineering support business offering design, manufacture, installation, maintenance and decommissioning services to the nuclear, oil & gas, defence, petrochemical and food process sectors.

The firm was recently involved in a dispute with Vivergo over the termination of a contract which was ongoing and only settled earlier this year when Redhall accepted a £21 million settlement from Vivergo, falling far short of what the company was hoping for.

David Jackson, chairman of Redhall Group plc, commented: “The new management team has set realistic targets for the future and will concentrate on maximising profitable execution.

“There has been much change in the Group in the last 18 months and we look to a period of stability in order to assist Redhall to reach its full potential.”

This was posted in Bdaily's Members' News section by Clare Burnett .