31st May 2016 14:47
LONDON (Alliance News) - Cambria Africa PLC said Tuesday that its first half had been overshadowed by its dispute with Consilium Corporate Recovery Master Fund Ltd, as it reported a narrowed interim loss.
For the half year to end-February the company reported a pretax loss of USD365,000, narrowed from a pretax loss of USD1.6 million, as a fall in revenue to USD4.2 million from USD5.6 million was offset by lower cost of sales and operating costs.
Cambria said the half year had been "overshadowed by the unexpected and unfortunate attempt by Consilium to portray the Company to be in default due to a change of control and attempt to liquidate the company by action in the Isle of Man."
The company said it had expended considerable time, cost and energy in defending against Consilium's claims, and said it was able to raise the finance it needed to settle the loans with Consilium.
This settlement has significantly strengthened its financial position, it said.
Whilst revenue at its Payserv business rose 2.4% to USD2.6 million from USD2.5 million, this was offset by a 47% fall in revenue from Millchem to USD1.7 million from USD3.1 million.
Shares in Cambria Africa were untraded Tuesday. They last closed at 0.500 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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