Redhall narrows H1 loss, eyes placing and debt conversion
Source - SMW
Redhall has posted a narrower H1 pretax loss as it detailed a proposed placing and conversion of debt owed to Lombard Odier Asset Management (USA) Corp (LOIM).
Loss for the six months to March 31 was £619,000, from a loss of £752,000. Revenue was £18.96m, frtom £21.35m.
Chairman Martyn Everett said Redhall had a strong order book.
"We are creating a platform for the Group to further its position as a leading player in its core nuclear defence, decommissioning and new build markets," it said in a statement.
"We continue to respond to a very high level and value of requests for tender particularly for nuclear new build and decommissioning and infrastructure projects and we continue to focus on converting these opportunities.
"We are delighted to have obtained a number of orders for work relating to Hinkley Point C and we are confident that our capabilities will allow us to win further work on our own account and in conjunction with others."
Meanwhile, Redhall intends to place about 95m new shares at 10p each to raise up to about £9.5m gross, and also the conversion of £3.75m of debt owed by the company to LOIM into into 37.5m new shares at the issue price. The LOIM Debt totalled £5.74m at June 13.