Exova's loss widens on headwinds in aerospace and transportation
Technological company Exova reported a wider first-half loss as revenue fell on headwinds in aerospace and transportation sectors.
Loss before tax came to £38.1m in the first six months of the year, compared to £10.3m last year.
The company's revenue dropped to £134.7m from £138.4m last year, while operating profit declined to £2.1m from £15.5m.
Exova experienced on-going production-related delays in aerospace and lower levels of project activity in Americas Transportation.
Its earnings per share plunged to 38.2p from 269.9p in 2013.
The company said it expects "underlying organic growth for the full year 2014 to be broadly in line with the first half".
However, cash and equivalents rose to £29.5m from last year's £23.4m.
Exova's chief executive Ian El-Mokadem said: "The medium term outlook for the business remains positive and we continue to see opportunities to expand the global reach of our business through new acquisitions and outsourcing agreements."
Shares fell 13.02% to 187m on Friday at 14.30.
JF