StockMarketWire.com - Industrial cleaning company React Group reported a deeper annual loss after rising sales were more than offset by costs associated with a change of ownership.

During the reporting period, React administrative ties with previous owner Autoclenz, and also booked substantial restructuring costs.

Net losses for the year through December amounted to £1.9m, compared to £0.4m of losses on-year.

Sales rose 25% to £3.3m.

'With a rationalised infrastructure, a fit-for-purpose and well-motivated management team and a competitive service proposition in an area of the market often left well alone by competitors, we have established a solid platform from which we can now grow and begin our return to profit,' the company said.

'Work on greater financial controls means that the company is moving closer to establishing a sound financial outlook in the current year.'




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