Manufacturing and specialist services group Redhall said that revenue on continuing operations fell by £12.5m for the six months to 30 September 2015.
The Wakefield-based firm also reported an operating loss on continuing operations before exceptional items of £0.7m, as it went through a “dramatic change” in the past financial year.
Revenue on continuing operations fell from £57.2m to £44.7m. The firm said the drop in revenue reflected continuing delays in customer programmes and the downturn in the oil and gas sector.
Earlier this year Rehall disposed Redhall Engineering Solutions (RESL) to Cape plc, which it said was a significant step in its mission to reduce exposure to contracting, focusing the business on higher margin manufacturing activities and improving working capital.
Martyn Everett, chairman of Redhall, said: “Redhall has undergone dramatic change in the last financial year. The group is now a manufacturing and specialist services business with a clear strategy to leverage our relationships with customers in the nuclear and infrastructure sectors.
“The key to the next phase of the turnaround at Redhall is achieving an improved order flow in its core businesses. We firmly believe that the nuclear sector in particular represents a significant medium to long term opportunity for the group.”