31st Jul 2014 12:11
LONDON (Alliance News) - Acorn Minerals PLC Thursday said its pretax loss narrowed in its most-recent full year despite higher costs, as an exceptional charge had hit the comparative year.
The mining and energy sector investment company, which is yet to produce any revenues, said its pretax loss narrowed to GBP126,645 for the twelve months ended March 31 from GBP244,552 in the previous year.
The company said its administrative costs increased during the period to GBP127,622 from GBP101,546, but exceptional costs in the comparative period totalling GBP143,421 were not repeated.
The company said that in the year-long period it assessed a number of possible acquisitions and entered conditional agreements on one particular opportunity.
However, the possible acquisition of Australian oil and gas exploration and extraction company Gulf Energy Ltd fell through following due diligence.
The company had GBP1.3 million in cash at the end of the period and said it is continuing to review possible opportunities for the company and its shareholders.
Acorn Minerals shares were untraded at 18.50 pence on Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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