Record order book for Redhall
YORKSHIRE’S Redhall group, the specialist engineering support services business, this week said orders were at a record level.
The Wakefield-based company said its results for the six months to March 31 2013 are in line with management expectations and it is looking forward to the future with confidence as it announced a £152m order book.
Chairman David Jackson said: “Recent orders and a record order book level of around £152m to be executed over the next four years give the board confidence in the immediate prospects of the business.
“The new executive management team has finished its review of contracts and systems and, with enhanced control, the business should now start to improve.
“As indicated previously, the group’s performance will be weighted towards the second half.
“Current market conditions remain challenging, but nevertheless Redhall has continued to strengthen its order book with new contract wins and following the restructuring and changes to management over the last nine months, we look forward to an improved performance across the group through the rest of this year and beyond.”
Redhall reported a loss on pre-tax profit, which was down by almost half to £574,000,compared with £1.3m in the first half of last year.
However, it said restructuring of the group is well underway and significant contract wins including a £26m MDSW2 contract win at Sellafield with Hertel and £8.5m worth of orders from Hyundai Heavy Industries show a “high degree of confidence” by key clients in its capabilities.
Mr Jackson said these contract wins have contributed to its record order book level, which is to be executed over the next four years.
Redhall said its sale of non-core businesses is ongoing and it will choose to retain these assets within the group if a fair price cannot be obtained. It expects to confirm the outcome by December.
The business also announced that Chris Lewis-Jones will take the role of group finance director. Mr Lewis-Jones has served as interim FD since last September.
