Newspaper article The Journal (Newcastle, England)

Chieftain Still Optimistic despite First Half Loss

Newspaper article The Journal (Newcastle, England)

Chieftain Still Optimistic despite First Half Loss

Article excerpt

Byline: By Iain Laing

Engineering group Chieftain remained bullish yesterday after sinking into the red.

The Newcastle-based company, which has 350 staff nationwide including 150 at its Walker headquarters, reported a pounds 722,000 loss for the first half compared with a profit of pounds 372,000 for the same period last year.

It said its profits had suffered because it got paid less for a major contract than it had hoped.

And the pounds 1.9m it will be paid for the contract will not show in its accounts until the full-year results are posted in six months.

Its turnover sank to pounds 4.8m from pounds 7.5m as its cash-flow was hit by delays in negotiating the bill for the contract which limited its ability to take on new work.

The company said it was unlikely to need to use its overdraft after its three founding directors had granted it unsecured loans totalling pounds 600,000.

But Chieftain is confident that its fortunes will improve and said its board was confident it could trade profitably and had decided to pay an unchanged dividend of 1p. …

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