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MOS International today posted wider losses at the interim stage which the company put down to restructuring costs.
These include further write-downs of investment in subsidiaries, slow moving stock write-offs and non-recoverable debts.
For the six months to September 30th, the oil services group recorded a pretax loss of £979,868 compared to a loss of £10,793 a year earlier. Sales though increased to £1.55m against £1.52m a year earlier.
Chairman, Philip Wood, said that while the overall loss is disappointing, the company has removed a significant amount of fixed cost from the business.
He said 'these results reflect not only the write-downs but, unfortunately, the long-term nature of many employment contracts, entered into under the previous management, the cost of which we are still bearing. As a result we will not see the full benefit of the action we have taken until the 2005/2006 financial year.'
He added that the order books are at a record level and the outlook is 'positive'.
After the restructuring, the group will operate two distinct divisions; Offshore Equipment and Handling & Access Equipment.
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