REPORTING its results for the year to March 31, on June 8 AEA Technology announced an adjusted operating loss of £2·1m at its Rail division, compared with a loss of £0·6m in 2004-05. Turnover was £46·7m, down from £59·8m in 2004-05.
’Significant and necessary change’ in the Rail business over the last year saw senior management ’substantially replaced’, and a ’major cost reduction exercise’ resulted in 318 job losses, mostly through voluntary redundancy. Although market conditions ’remain challenging’, AEA believes its Rail business ’is now in far better shape.’
