Havelock losses widen during ‘quiet’ first half

Shopfitter Havelock Europa today said it was looking forward to a busy second half after a lull in trading saw its losses swell by 67 per cent during the first six months of the year.

The Fife-based firm, which also fits out classrooms, reported revenues of £34.2 million for the six months to 30 June, 9 per cent lower than the same period last year, which it blamed on orders “being more weighted than normal to the second half”.

As a result of the lower sales, Havelock’s pre-tax loss widened to £2m, from £1.2m last year, and its net debts doubled to £4.8m as it stocked up to support the predicted upturn in work and invested £900,000 in factory equipment.

Chief executive Eric Prescott said: “This has been a period of progress and despite a quiet first half, we are now running again at full capacity and have a robust order book for the second half.

“Market conditions remain challenging but we believe the work we have undertaken to increase efficiency and provide value added services across our client base puts us in a strong position to deliver continued improvement.”