Havelock Europa slashes its losses

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SHOPFITTER Havelock Europa has assured investors it is making good progress to recovery as a jump in revenues helped sharply reduce full-year losses.

The Dalgety Bay-based firm posted a pre-tax loss from continuing operations of £500,000 for 2012, down from a £2.9 million loss the previous year.

Revenues surged 20 per cent to £92.5m as the firm benefited from working alongside Balfour Beatty in the education sector and picked up more retail work from the likes of Lloyds Banking Group and Marks & Spencer.

Chief executive Eric Prescott said: “We’re also working with Schuh on a piece of furniture for the roll-out of their new children’s shoes, and we’ve been doing some work with Debenhams in Aberdeen and Dundee.”

Havelock has been selling off non-core parts to focus on its retail and education business. Prescott said disposals have generated net cash receipts of £13.4m, helping cut debt from £13.7m to £2.4m. He added: “This lets us invest in the business and our people. We’re looking to take on at least 12 apprentices, thanks to the support from Fife Council and local colleges to create our Havelock Academy.”

The group, which employs about 750 people, is investing £750,000 in a laser cutting-machine to secure 30 roles at its Kirkcaldy workshop.