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  • BY: Andrew Hore |
  • POSTED: 30/06/2010 |

Bus manufacturer Optare says that bid talks are continuing.

The bid approach was announced nearly six months ago. The board believes that entering into a partnership is key to the prosperity of the business.

In May, Optare won a 13m order for 66 hybrid buses from the Greater Manchester Integrated Transport Authority. GMITA will receive a 3m grant from the Green Bus Fund. Optare also has the repair and maintenance contract worth up to 1.9m. The total order book was worth around 27m after this maintenance contract.

Optare reported revenues of 79.8m and an underlying loss of 5.13m in 2009. The workforce has been halved. Exceptional costs of 6.9m were on top of the underlying loss. They include restructuring, warranty, onerous contract and impairment costs.

Net debt was 7.7m at the end of 2009 and Optare plans to sell its Rotherham site, valued at 2.4m in the balance sheet. A 6.33m cash outflow during 2009 was offset by share issues raising 8.06m.

At 5.25p a share, down 0.375p, Optare is valued at 14.1m.

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