Seaenergy (AIM:SEA) results reflect a challenging time, FOCUS PLEASE
The energy services company, which seems to be involved in far too many things for a small business, issued horrible results for the six months ended 30 June 2015 with the former cash legacy gone. As we commented previously (on several occasions) this business surely needs to focus on doing a few things really well, rather than just participating in a whole host of different activities.
The company recorded revenues from continuing operations of a mere £1.8m (2014: £2.5m) and a pre-tax operating loss of £881,000 (2014: £22,000 loss). This was after reflecting non-recurring expenses of £228,000 in connection with the departure of the Operations Director. Impairments totalled £2.0m relating to the legacy assets bringing the overall operating loss to £2.9m.
Thankfully it has ended its ridiculous foray into Marine activities and is now focussing on R2S Visual Asset Management…
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