1 September 2011 – interim results/directorate change
The group has announced interim results to 30 June although given the changes at the group these are not particularly material. For the record though, turnover on continuing operations rose to £20.9m (2010: £20.1m) and the group made a loss before tax and exceptionals of £3.3m (2010: loss of £1.2m). The group has completed the sale of the Marine Division for £31m and this should allow group borrowings to drop to £7m during September. The group has also announced senior management changes with a new CEO and Chief Financial Officer being appointed. The group will now focus on its core business of providing services to offshore industries. Although it is only early days, the group looks to have established a sound platform on which to develop its continuing activities. Investors will probably want to see more evidence of progress at the group before investing and so in the short term the shares may just mark time, but for those who are afraid of missing the boat (pardon the pun!!) it may well be worth dipping a toe in the water (!!) now. LONG TERM BUY.