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Associated British Engineering narrowed losses in the first half of the year, but detailed plans to reorganise its main operating subsidiary, British Polar Engines, in the wake modest sales growth.
For the six months ended 30 September, pre-tax losses were narrowed to £179K from £349K on-year, led by increased turnover from British Polar Engines to £557K from 490K.
'It is a disappointment that the sales increase was modest and as a result and following these results the board have instituted a round of reorganisation and rationalisation within the various arms of the business,' the company said.
At 9:58am: (LON:ASBE) Associated British Engineering PLC share price was 0p at 14401.1p