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Business News Sun, 24 Nov 2002

Our progress in Ghana has been slow - Advanced Technology

H1 pretax loss narrows to ?1.8 million from loss 2.7 million

Advanced Technology (UK) PLC said its pretax loss narrowed in the first half as sales jumped 52%. The company also said it has raised ?1 million through the placing of 6% loan notes.

"Despite a turbulent first half with both the FCC (US Federal Communications Commission) enquiry and our serious cash constraints we will continue to develop the group to make it stronger", said chief executive John Howell.

"We have had success in the US with a number of notable contract wins although our progress in Ghana and South-East Asia has been slower than we would have liked", he added.

Pretax loss for the six months to June 30 narrowed to ?1.8 million, or a loss of 6.2 pence a share, from 2.7 million, or a loss of 10.4 pence per share, in the year-earlier period. Sales jumped to ?4.1 million from 2.7 million.

Source: Ananova