Silvermines, the engineering and technology company, has announced a pre-tax loss of £743,000 sterling (€1.16 million) in the first half of 1999 and the sale of two divisions and a site in Hampshire. It has agreed to sell its British aerospace division to a unit of the US group, Esterline Technologies, for £12.8 million. After adjusting for goodwill, there will be a loss of £1.8 million on the sale.

The company has also agreed to sell its electrical division to the unit's management for £5.5 million, at a loss of £3 million. The Yateley manufacturing site in Hampshire was sold for £1.77 million and there may be a further sale with talks in train to sell its small printed circuit-board manufacturing unit.