Sales revenue up 106 per cent for British bus designer Optare

Sales revenues at bus designer Optare increased by 106 per cent to 46.7 million pounds in the six months to September 30th 2012, compared to the corresponding period last year, interim results for the company have shown.

The group's half-yearly results revealed that year-on-year UK market registrations were up 46% for the six months ending September 30th 2012. Export sales revenues reached a record £10.5m and in the quarter from July to September, Optare produced an Earnings Before Interest, Tax, Depreciation and Amortisation profit of £146,000.

The loss per share decreased from 0.6p to 0.1p.

During the year, the company's accounting reference date was changed from December 31st to March 31st. Accordingly, the company stated that references throughout to H1 2011 were for the period from January 1st 2011 to June 30st 2011 and references to H1 FY2013 were for the period from April 1st 2012 to September 30th 2012.

Commenting on the interim results and the three year turnaround, Chief Executive Officer, Jim Sumner said: "I am delighted with the significant progress we have made against the turnaround plan and would like to take this opportunity to thank the board for their support and the efforts and commitment of the entire organisation over what has been a very challenging period for the business. I have every confidence that Optare will go from strength to strength as part of Ashok Leyland's global business."

Optare's share price was up 7.14% to 0.60p at 08:34 on Wednesday morning.

MF