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Maestrano reports third-quarter loss as revenue slips 6%
StockMarketWire.com
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Transport corridor analytics group Maestrano recorded a third-quarter loss after bad weather in Australia hurt sales.
Earnings before interest, tax, depreciation and amortisation for the three months through March amounted to £455,000, compared to losses of £138,000 year-on-year.
Revenue had fallen 6% to £294,000, but risen 1% on a constant currency basis.
Expenses rose 46%, or 38% in constant currency, reflecting increased investment in the US, Australia and UK.
'Our third quarter was impacted by a major weather event in Australia, which delayed acceptance for airframes delivered to the Australian government under the contract announced on 29 November 2019,' chief executive Nick Smith said.
'This revenue will now be recognised in the fourth quarter, which will combine with other project deliveries as we focus on meeting our full year objectives.'
Story provided by StockMarketWire.com
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