By Adria Calatayud
RA International Group reported a widened pretax loss for the first half on revenue that was broadly flat amid project delays, but said it is positioned for an improvement in the second half.
The London-listed construction and facility-support services company on Tuesday posted a pretax loss of $4.4 million for the first half compared with a loss of $2.5 million for the same period last year. Revenue edged up to $30.5 million from $30.4 million.
RA International said its first-half results reflect a less favorable sales mix, investments in construction projects and delays on contract awards.
"While we remain cautious about our financial performance for the full year, we believe that with our current projects, business pipeline, and bid activity, we are well positioned for a marked improvement" in the second half, Chief Executive Soraya Narfeldt said.
The company separately said it won a contract with the U.K.'s Defense Ministry of between $15 million and $18 million over five years, with an initial term of three years with two additional optional years, to provide facility-management services in an undisclosed East African country.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
September 17, 2024 02:43 ET (06:43 GMT)
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