Mountfield Group has closed the East Grinstead office of Mountfield Land and is changing its focus.
Mountfield is a niche contracting business which specialises in fitting out data centres. It also has a raised access flooring business and an operation that puts together sites for residential or data centre developments and sells them on. That latter business is operated by Mountfield Land. From now on it will be based at the group head office in Wickford. The focus will be on social housing schemes. The core business will then undertake the design and construction of these schemes.
Chris Barron, who ran the East Grinstead operation has left Mountfield and handed back 7.5m shares.
Mountfield swung from a profit of £1.07m to a loss of £767,000 in the six months to June 2009. Revenues fell from £9.67m to £5.37m. Net debt is £147,000 and there are loan notes of £5.42m.
Data centre work has been delayed. Management expected a significant second half improvement, and further growth in 2010, when it reported the interims.
At 7.5p a share, Mountfield is valued at £12.4m. Mountfield joined Aim on 30 October 2008 at an admission price of 10p a share.
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