Oilfield services group Global Marine Energy has reduced annual losses 17 per cent to £2.1 million on sharply increased turnover.

AIM-quoted Global saw revenues rise from £4.6 million to £11.2 million in the year to March. Executive chairman Philip Wood suggests that the Yorkshire-based company, which raised £4.75 million at 15p in June, has a growing long-term order order book across its different sectors.

Global has been undergoing a period of restructuring, which has seen the departure of Paul Wild as chief executive and his replacement by Paul Findlay, hitherto head of the company's US subsidiary. In January, the company won its first major mechanical handling order, worth £6.6 million, from Keppel Fels.

Global shares are 18p, up 1.5p today, and could show further improvement.