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.

Advertisement - Article continues below

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.




Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular


House price crash: UK property prices are falling – so where next?

With UK property prices falling for the first time in eight years, are we about to see a house price crash? John Stepek looks at what’s behind the sli…
2 Jul 2020

How can markets hit new record highs when the economy is in such a mess?

Despite the world being in the midst of a global pandemic, America's Nasdaq stock index just hit an all-time high. And it's not the only index on a bu…
3 Jul 2020

The end of the bond bull market and the return of inflation

Central bank stimulus, surging post-lockdown demand and the end of the 40-year bond bull market. It all points to inflation, says John Stepek. Here’s …
30 Jun 2020