Corac Group reduces first-half losses

AIM-listed technology-led engineering group Corac said it narrowed losses in the first half of its financial year, while a strong and growing order book underpins its confidence for a second-half performance in line with expectations. The company, which provides services to the oil and gas, defence and industrial markets, said pre-tax loss reduced to £2.4m for the six months to June 30th from a loss of £3.8m the same period a year earlier.Revenue increased £8.3m in the half-year to end-June from £4.3m previously while the group order book stood at £13.2m as at June 30th, down from £16.3m in 2012.Phil Cartmell, Chief Executive Officer, commented: "The board is pleased with the progress shown by the operating companies in the first six months of the year. The management changes have delivered immediate benefits and have strengthened the group for the second half year and beyond. The result is a more balanced business."With the growing maturity of the CET technologies, as demonstrated by the successful testing of the DGC, together with the value built in the two acquired businesses, the board believes the real value of the group is not reflected in the current share price, and is committed to closing this gap."Year-end cash is anticipated to be in line with expectations.CJ