Defence firm Manroy posts profit loss
Defence firm Manroy made a £0.9m loss in its final results due to a delay in one major contract.
Revenues fell by 6.3% in the 12 months ending 30th September, from £7.9m to £7.4m, while the firm also posted a £1.5m post-tax profit loss.
Manroy attributed its loss to the start up and relocation of its U.S. arm, “MUSA”, which is 49% owned by the company.
MUSA amalgamated two of its locations to save money in 2013, after it was awarded HUB Zone status in North Carolina, which the firm said would improve its chances of winning U.S. defence contracts.
The UK defence contractor’s U.S. division won contracts worth £6.6m from the Department of Defence in America last year, while the UK order book stood at £9m in its final results.
Andrew Blurton, Manroy’s chairman, commented: “With order books at record levels, we are targeting new export markets in 2013 and are currently negotiating on large contracts.
“2012 was affected by delayed contracts but the Group is in a position to fulfil those orders and I view the future with optimism.”
This was posted in Bdaily's Members' News section by Miranda Dobson .