US Edition The debt-laden group posted a £1.3m pre-tax loss for the six months to June – the last period during which Greg Hutchings, the former executive chairman, was at the helm – compared to a £9.2m profit for the same period a year ago. Revenue fell 14.6pc to £117m.
Lupus scrapped its interim dividend – after cancelling a full-year dividend earlier this year – but the company said it hoped to resume payments "when circumstances are more appropriate".
The bill for renegotiating its banking facilities will weigh on Lupus for years: it recognised an expense in its profit and loss account of just £1.3m for the first half, leaving £6.2m to be recognised in the next three years.
Mr Hutchings was ousted in July after the company refinanced its debt pile, which stood at £120.1m at June 30, down £25.2m
over six months, largely owing to favourable exchange rates.
Michael Jackson replaced Mr Hutchings as chairman, with Keith Taylor appointed chief executive officer.