UPDATE 1-Pursuit Dynamics H1 rev falls 61 pct; CEO to retire
* H1 pretax loss 3.1 mln stg vs 3.5 mln stg a year ago
* Revenue starts to flow in 2 segments; visibility rises
* Shares fall 7 pct (Adds details)
June 30 (Reuters) - Biofuel-tech group Pursuit Dynamics Plc (PUDY.L) posted a 61 percent fall in turnover for the first half, and said Chief Executive John Heathcote gave notice of his retirement.
However, the company, which makes a fluid processing reactor that reduces energy usage, said it saw steady progress in two of its businesses -- fire suppression and decontamination.
"Revenues have started to flow in both areas since the end of the financial period and commercial visibility is increasing," it said in a statement.
Pursuit Dynamics said the process to select Heathcote's successor was underway. The CEO will remain with the company until Nov. 1 or a successor is appointed, whichever is earlier.
Pretax loss for the six months ended March 31 fell to 3.1 million pounds ($5.16 million), from 3.5 million pounds in the year-ago period, as expenses declined.
The company's turnover, including discontinued operations, decreased to 0.7 million pounds following the move to a licensing operation for food and brewing.
Shares of the Huntingdon-based company were down 6 pence at 78 pence by 0714 GMT on Tuesday on the London Stock Exchange. ($1=.6013 Pound) (Reporting by Purwa Naveen Raman in Bangalore; Editing by Anne Pallivathuckal)
