Operating losses were reduced at the Northern Ireland-based textile company Lamont in the first half of 2000 from £4.9 million sterling (€8 million) to £3 million sterling.

The company, which is implementing a restructuring programme, said the first phase had now been completed, generating around £9 million (€11 million) in cash for the group. Turnover was down from £21.9 million to £21.1 million during the six months while the loss per share increased from 17.83p to 29.94p. Commenting on the half-year out-turn yesterday, Lamont chairman Mr Frank Cushnahan said the best way forward was to participate in necessary market rationalisation where possible. Mr Cushnahan said Lamont's banks had supported its restructuring programme to date and their continued co-operation would be required until it was completed.

Mr Cushnahan said that in light of the current trading performance and levels of bank debt, shareholders would not be paid an interim dividend.