Sharp fall in Seafield profit

Seafield, the Irish quoted transport company based in Britain, has announced a severe drop in pre-tax profit to £10,000 sterling (€16,400) in the six months to June 30th 2000. This contrasts with the £402,000 generated in the first half of 1999. The decline is entirely due to restructuring costs of £170,000 and the cost of £115,000 in connection with the uncompleted sale of the company. If these are excluded, then the underlying growth in operating profit amounted to 15 per cent to £634,000.

Trading in the second six months shows an improvement, and the chairman noted the company's outlook "remains positive".