Welcome to the new Independent website. We hope you enjoy it and we value your feedback. Please contact us here.


Cray Electronics confirms loss

Cray Electronics confirms loss

Cray Electronics, the troubled data communications company whose shares have collapsed following a series of profits warnings this year, confimed yesterday that it had made a pounds 14.6m loss in the six months to October. The loss compares with a pounds 10m profit in the same period last year. The problems were due mainly to costs and provisions incurred at Cray Communications, the computer network subsidiary, which recorded a pounds 4.8m loss in the half year.

The new chairman, Alec Daly, made a cautiously optimistic statement, saying that though turnover was 5 per cent lower, orders were ahead of last year. The shares closed 0.5p higher at 47.5p yesterday.