Bus manufacturer Optare says that its order book has increased from £8.8m to £11.7m since the interim figures were announced.
Optare expects to win £12m of orders for zero emissions and hybrid buses funded by the government’s Green Bus Fund. These will mainly be satisfied in 2010. However, Optare expects general demand to be relatively weak throughout 2010. Lack of finance remains a problem.
Short-time working is helping to keep down costs but breakeven is unlikely to be achieved before the second half of 2010. Optare hopes to secure a strategic partner.
Net debt is currently £8.2m and this will be further reduced by the sale of the Rotherham factory.
At 6.125p a share, Optare is valued at £14.2m.
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