MERRYDOWN, the Sussex cider maker, is still looking for some fizz.

Its first interim results since a massive restructuring and boardroom shake-up in July, when almost half the 125-strong workforce was axed, show a pre-tax loss of £1.68 million. But the figure includes the £1.62 million one-off cost of the restructuring, with that taken into account the company achieved an operating profit of £90,000. Turnover was down more than £3.5 million to £7.82 million. Bank borrowing was slashed to £1.57 million from £7.18 million in 1997. During the six months the company carried out the most detailed and far-reaching consumer research ever undertaken by the group. Chief Executive Nigel Freer said the results were largely in line with expectations. He said: "In July we said it would be unrealistic to expect a sudden and significant turnaround in sales and profitability, in particular in the half year to September 30. "Much has been achieved and good, solid progress made. With the fundamentals of the business now re-established, our thinking is unchanged and we remain optimistic for the outcome of the full year."

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