Safety systems company Industrial Control Services (ICS) took a £2.78m exceptional hit on the sale of its loss-making marine equipment business Brisco in the first half of the year.
Brisco, which designs and makes underwater control systems for the oil exploration industry, was sold to Vosper Thornycroft last year.
Without the loss on the disposal, ICS would have broken even for the half-year to November 30, meeting targets set after the company’s refinancing.
Pre-exceptional profits were £43,000, compared with a loss last year of £27.4m. Last year’s figure included Brisco losses of £3.88m.
ICS now has three main divisions, including safety business ICS Triplex and process controls subsidiary Max Controls.
Like-for-like sales excluding Brisco in the period were £33.6m, compared with £28.7m a year ago.
Chairman Trevor Wheatley said the figures reflected improvements since the group’s refinancing. ‘Several large, loss-making contracts will be virtually complete by the end of this year,’ he said.
Wheatley hopes to see a dividend for shareholders at the end of the financial year.