Oilfield services group, Global Marine Energy, gave an upbeat view of the future after it reported narrowing losses in the first half.
In the six months to September, the group's pretax loss eased to £486,554 from £979,868 after turnover nearly tripled to £4.1m from £1.5m. Gross profit more than doubled to £1.52m from £653,782.
Gains from the just concluded business revamp were also behind the group's improved performance.
The restructuring allowed the group to raise about £4.75m via a share placing and secure new banking facilities.
'Global Marine Energy is now properly funded and as a result the board is confident that it can continue to grow turnover and to increase profitability,' said chairman Philip Wood.
The company's order book currently stands at £11.3m.
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