Esken Ltd on Wednesday reported a narrowed annual loss as revenue climbed.
Esken shares fell 24% to 2.83 pence each in London on Wednesday morning.
The Widnes, England-based infrastructure, aviation and energy company said in the financial year ended February 28, pretax loss narrowed 22% to £27.7 million from £35.7 million a year ago. Revenue grew 15% to £120.0 million from £104.6 million.
Esken’s cash balance at February 28 was £50.3 million, down 4.6% from £52.7 million at the same time the year before.
Looking ahead Esken said it continues to face challenges in its Renewables unit, which it aims to sell, ‘but there are now signs of an improvement in gate fees and more consistency of plant performance, with an expectation of improving performance as the year progresses.’
It added that it is progressing with the sale of the unit and has started the process for the sale of London Southend Airport.
Esken also said that the return of a route to Amsterdam and increased flight frequencies to Faro in Portugal are ‘encouraging’, noting a 30% increase in planned easyJet PLC flights during the summer.
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