SHARES in Havelock Europa have risen by more than eight per cent after the shopfitting specialist revealed it has £21 million of orders in hand.

The Fife-based company cheered investors when it signalled that moves taken in late 2015 to “rightsize” and simplify the business have delivered significant benefits, allowing its recovery to continue throughout 2016.

In a statement issued ahead of an extraordinary meeting yesterday, Havelock, which cut about 100 posts under a cost-cutting drive in 2015, declared it now expects its trading results to be in line with expectations for the year ended December. It is due to announce its preliminary results for on April 27.

Chief executive David Ritchie said: “The benefits that have accrued from the measures taken in late 2015 are clear throughout the company and have enabled the business to trade in line with market expectations, despite the increasingly challenging retail sector.

“In addition, we are encouraged by our current engagement with customers as we continue with our strategy of developing relationships with those that value our wide range of services. Notwithstanding the challenging retail environment, the current order book for 2017 currently stands at £21m.”

Separately, the company announced that shareholders have approved the proposed issue of 3,000,000 ordinary shares at 10 per cent share. The shares will be subscribed by incoming chairman Ian Godden. Mr Godden joined the board as a non-executive director and chairman at the close of yesterday’s EGM, following the retirement of David MacLellan.

Shares in Havelock Europa closed up 8.45 per cent at 9.62p.