LONDON (Alliance News) - Corac Group PLC Tuesday said its pretax loss narrowed in 2014 on the back of improved revenue and new contract wins.
The engineering company's pretax loss narrowed to GBP3.9 million from GBP4.3 million in 2013, as revenue rose to GBP21.7 million from GBP19.3 million.
Corac said revenue was boosted by a series of defence contract wins in the year, along with additional projects secured in the renewable energy and power generation sector.
The company said its order book at the year-end was up 22% to GBP17.3 million, from GBP14.2 million at the end of 2013, again driven by the defence sector contract wins.
"We have made significant progress during 2014, particularly in restructuring our market facing teams and finding a good acquisition fit in Shaw Sheet Metal. We will drive value from these achievements in the coming year whilst completing the transition of our engineering capabilities into a harmonised and effective team. With these actions driving us forward, we look forward to another successful year," said Corac Chief Executive Phil Cartmell.
Still, Corac shares were down 4.7% to 4.0501 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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