(MENAFN- ProactiveInvestors - UK) Shares in engineering and specialist services firm Redhall Group PLC (LON:RHL) surged as it continues to grow its orderbook and expects improved profitability in the second half.
The order book for continuing businesses now stands at 24 million, compared to 21 million at the end of last year, of which manufacturing orders are 17 million (December 2015: 11 million) .
Chairman Martyn Everett said: "We have recently received an order for 6.9m from a major customer in the Defence sector and have increased the total orders received on major rail infrastructure projects to 6.2m with several others in the pipeline."
In the half year to end March, revenue on continuing operations came in at 21.4 million (2015: 22.7 million), hit mainly by delays on some major projects and the downturn in the oil and gas sector, the group said.
The loss before tax was narrowed to 354,000 versus a restated 1.3mln for the same period in 2015.
It continues to see nuclear new build as strategically important and noted nuclear defence and decommissioning opportunities increased in the first half.
"The outlook for oil and gas remains depressed but we have now largely replaced this work with nuclear and infrastructure projects. We have retained and redeployed the core expertise in oil and gas so that we can react when the market recovers," it added.
Shares gained 13.73% to 7.25p.
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