Oval reports loss

Oval Group has declared a loss before tax of £0.4m for the year ending 31 May 2009, compared to a profit of £4.6m in 2008.

The company said the result is “due to one off exceptional costs of restructuring and a combination of increased amortisation and funding costs supplemented by lower interest income”.

Turnover increased by 16% from £90.5m to £104.6m and earnings before interest payable, tax, depreciation, amortisation and exceptional costs rose 7% from £17.4m last year to £18.7m.

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