The company posted a pretax loss of
As a result of the issues with relocation, revenues for the company's Connectivity business in the first half were lower, although they improved in the second half.
In its Instrumentation, Monitoring and Control business revenues declined to
The company said its operation performance had now stabilised, but further action was required to drive up efficiencies across all of its operating sites.
The company said its revenue in the first quarter of the new year was in line with expectations, although the second quarter has been hit by customer de-stocking.
Bridge is alleging breaches of duty by the directors involved, including dishonesty, "a reckless acquisition spree", illegal share price manipulation, and unfair bonus and share schemes implemented without proper right of refusal.
The court must grant permission for the claim to go ahead, and if this is successful, the company expects to be ordered to indemnify Bridge's legal costs, which it expects to recover from its insurance policy.
If permission is not granted, or is granted but the claim is unsuccessful, the company will be liable for the directors costs' that are irrevocable and or not covered by their insurance, and it will not be able to recover these costs through insurance.
"The tough decisions we have taken over the past few years have had some painful short term consequences, but will make the group stronger in the long term," said Chief Executive
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