News Column

Optare Narrows Annual Loss Despite 25% Fall In Revenues

June 27, 2014

Rowena Harris-Doughty

LONDON (Alliance News) - Bus and coach manufacturer Optare PLC Friday said it narrowed its losses in its last financial year, despite recording a fall in revenues.

Optare reported a pretax loss of GBP4.1 million for the year ended March 31, compared with a GBP7.4 million loss a year earlier, partly as a result of lower administrative expenses, but mainly due to the absence of any exceptional costs. The company booked GBP1.8 million in exceptional costs the previous year, associated with the site closure and restructuring phase of Optare, which has now been completed.

Revenues in the year fell by 25% to GBP56.9 million from GBP75.9 million the prior year, which it said was due to reduced kit revenues.

"We are now seeing the positive signs of increased sales activities in our key market of the UK," siad Chief Executive Enrico Vassallo in a statement.

"With the business break-even point lowered we are confident that we have built solid foundations for the group to grow the top line and return to profitability," Vassallo added.

Optare shares were up 0.9% at 0.222 pence per share Friday afternoon.

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Source: Alliance News

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