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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