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Hargreave Hale has taken its stake in bus manufacturer Optare to 10.2%.
Optare recently raised £8.6m from institutional investors. Net debt was £10.7m at the end of June 2009.
The news came after Optare reported an increase in loss from £3.19m to £3.91m in the six months to June 2009. Even if restructuring costs are excluded the loss is still higher. Turnover increased from £7.8m to £52.1m but the business was not in its current form in the first half of 2008.
Volumes are continuing to decline. The bus market is expected to decline by more than one-quarter this year. Management hopes that volumes will start to improve in the second quarter of 2010.
Manufacturing is more efficient and it is taking half the time to build buses.
Shares in Optare fell 0.125p to 9.5p each, which values Optare at £10.4m.
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