Rapid Technology revenues down

Rapid Technology posted a 27% slip in revenues yesterday to 1.24 million for the six months to end of December.

It said the overall order book remained level year-on-year with the weakening dollar and a shipment delay accounting for the revenue decline. Gross margins improved to 34% from 29% and net operating expenses reduced by 23% to 934,000.

The operating loss expanded 7.5% to 743,907 including a 229,000 exceptional item booked for redundancies as part of the planned restructuring.