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.