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Restructuring sees Global Marine Energy reduce its losses
Eric Barkas
City Editor

THE oilfield services company Global Marine Energy pushed out half year results to September 30 yesterday, showing reduced taxable losses of £486,554 compared with last time's deficit of £979,868.
Leeds-based Global Marine is catching up with its results timetable after it was laggardly in reporting full year figures to end-March at the end of September.
Since then the company says its has completed its restructuring and raised £4.75m in a share placing to institutions.
The restructuring involved the closure of sites in Scotland and the Midlands and the transfer of skills to Newcastle.
Global Marine has recently changed its name from MOS International. Before that, parts of the business were in the Optometrics stable.
Chairman Philip Wood came on board two years ago and began making changes. The only big change shareholders will want to see is the share price moving up. After yesterday's figures were issued, the stock was unmoved at 0.25p.
Mr Wood says: "The losses for the period, whilst disappointing, include the last of the rationalistation costs... we have removed a further amount of fixed cost and fully integrated acquisitions.
"We are trading profitably but the benefit of the action we have taken and the refinancing carried out in November will not be fully reflected until the next financial year." Turnover from continuing operations in the half was up to £4.1m from £1.5m. At the end of the period, the order book was said to stand at £11.3m.
Mr Wood said: "The results reflect the reorganisation costs and the restrictions we have been working under due to cash constraints."
He added money from the placing plus new bank facilities should allow the company to accelerate growth. "I feel Global Marine Energy is properly financed for the first time in its history."
29 December 2005