SEAFIELD, the warehousing and haulage group, incurred a pre tax loss of £3,818,000 sterling in 1995 compared with a profit of £193,000 in 1994.

The majority of the losses were incurred in the first half. The results, which are in line with expectations, come about after restructuring and other costs, together with goodwill write off following a disposal programme.

The group is now more optimistic about the immediate future. Trading this year has "shown a marked improvement over the comparable period in 1995 with all part of the business trading profitably", says the chairman, Mr Brian Chilver.

The granting of planning permission to the Finchley Road, London, site will bring in £3 million in deferred consideration to Seafield by the site purchasers. The group is continuing to seek a suitable merger and this cash payment will assist in the plan, Mr Chilver said.

However, the board is adamant that the group will not be "hurried into any transaction" unless it provides "added benefit" for Seafield's shareholders. The deferred consideration will reduce its borrowings further. Last year borrowings were reduced by £3.3 million and gearing fell from 92 per cent to 74 per cent.

The latest results show a reduction in sales from £17 million to £13.1 million. Trading profit was reduced from £1 million to £0.1 million. However, closure and restructuring costs and disposal costs pushed it into overall deficit. The loss per share totalled 5.5p, which contrasts with earnings of 0.3p in 1994.

These losses are reflected in the balance sheet which shows a reduction in net assets from £11.4 million to £9.4 million. The deficit in the revenue reserves widened from £64.98 million to £68.47 million, resulting from previous losses and write offs.

Although Seafield's shares are quoted on the Irish Stock Exchange, all its business activities are located in Britain and continental Europe.