EXC looks at change of focus

LEATHER to industrial equipment group EXC today announced a half-year loss and said it would stay in the red for the rest of the year.

However Michael Edelson, chairman of the Stockport-based group said that its focus on its Excalibur Ventures subsidiary which leases heavy equipment, following the closure of its David Conrad leather import business, has left it “well positioned to advance to its next level of development”.

EXC made a loss on continuing operations of £250,000 in the six months to June 30 on revenue of £756,000 and is not paying a dividend.

It said it made a loss of £451,000 during the period on the David Conrad business.

Mr Edelson said: “Excalibur’s core procurement services have continued to generate lower levels of revenue than before during the first half of the 2008 financial year. However, its rental division has expanded into a full scale operation which currently leases 28 pieces of heavy equipment for major construction companies in the Middle East in a joint venture with an experienced operator in this sector. In addition, the initial groundwork for its new specialised oil procurement services has been laid over the past 12 months and we hope to receive confirmation of our first orders in the near future.”