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  • BY: Andrew Hore |
  • POSTED: 25/05/2012 |

Heavy machine guns supplier Manroy has slumped into loss in the first half.

Manroy reported a rise in revenues from 3m to 3.4m in the six months to March 2012 but a profit of 1.1m was turned into a loss of 1.1m. Around 653,000 of that loss was due to start-up costs in the US and there was a 529,000 amortisation charge. The corresponding period was boosted by one-offs.

Manroy had already warned that revenues for the year to September 2012 are likely to be around 7.5m, against a previous forecast of 11.3m. A profit of 4.2m was previously forecast for the year to September 2012 but the profit will be nowhere near that level.

Net debt was 660,000 at the end of September 2012. There is no interim dividend.

Management believes that the delayed orders will come through in the 2012-13 financial year. They also expect to receive a large order before the end of September.

At 71p a share, down 1.5p, Manroy is valued at 12.9m.

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