Redhall says goodbye to troubles
Redhall Group, the specialist engineering support services firm, said that after a testing year the worst was behind it.
Redhall Group, the specialist engineering support services firm, said that after a testing year the worst was behind it.
The Yorkshire-based company has been hit by a number of contract issues, including an expensive legal battle with Vivergo over a biofuels plant.
Underlying revenue for the year ended 30th September was down 5.6% to £119.5m was 5.6%, while pre-tax profits plunged 50.3% to £1.9m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Diluted earnings per share stood were down 49% to 4.8p.
The firm posted exceptional items in the year of £5.9m, the majority of which related to costs on the Vivergo legal dispute of £2.5m and provisions on legacy contracts of £2.6m.
The company does not anticipate that any further provisions will be needed in future for these legacy contracts.
Chairman David Jackson said the prospects for the next 12 months looked encouraging, with strength in the oil and gas market and opportunities afforded by the Crossrail project in London where the firm is a specified supplier.
"The opportunities for our manufacturing business in particular look outstanding over the next three years," he added.
MM
-
FCA: Banks are still short-changing savers
The latest FCA review finds that while public shaming has encouraged providers into offering better deals on savings, many of those with closed accounts are still being shortchanged.
By John Fitzsimons Published
-
The happiest places to live in Great Britain
Looking to buy your next property? We reveal the happiest places to live in
By John Fitzsimons Published