The results for the year ending 31 December 2003 were revealed in the latest figures published by investment fund management company The Rutland Trust.

Openshaw group managing director Tony Halker said the results had reflected the integration of its Bousfield acquisition, made in November 2002, and the actual figure should be nearer 16m.

Halker added that significant further cash injections had been made into the company through rationalisation and the sale of several sites.

Other headline figures from the unaudited accounts show sales of 48.3m and a loss at EBITDA level of 600,000 (before exceptional items).

The Rutland Trust invests in companies that face difficult or commercial challenges through its Rutland Fund. It invested in Openshaw in 2000 when it was demerged from the Wolstenholme Group following Rutland's 63m acquisition of Wolstenholme Rink.

Halker also clarified the position of former Openshaw chief executive David Coltart. Coltart had taken a back seat in the business from September last year, he said: "He remains a consultant to the business and will be for the foreseeable future."