30th Apr 2019 12:57
LONDON (Alliance News) - Altus Strategies PLC on Tuesday expressed a confident outlook for the year ahead, as it recorded higher gains on investments and lower costs in 2018.
The Africa-focused royalty and project development firm said its pretax loss narrowed in 2018 to GBP1.5 million from GBP1.9 million reported in 2017, due to lower administrative expenses, which fell to GBP1.2 million from GBP1.5 million.
In addition, Altus recorded a GBP282,227 gain on investments versus GBP129,142 gain the year prior.
Exploration costs, however, were slightly higher, at GBP630,902 compared to GBP556,447 in 2017.
The company's portfolio continues to evolve, it said, with 17 projects now undergoing exploration activity and a number of joint venture arrangements having been made or under discussion.
Looking ahead, Chair David Netherway said: "The forthcoming year promises to be another exciting and busy time for the Altus team. A number of the company's assets have been developed to the stage of readiness for drilling with joint venture partners, and I have been greatly encouraged by the level of interest shown by third parties over recent months."
"I am confident that the team has the ability to secure advantageous agreements, and I look forward to seeing their hard work continue to bear fruit," added Netherway.
Altus shares were untraded on Tuesday, last closing at 3.75 pence each.
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