6th Apr 2020 17:15
(Alliance News) - Erris Resources PLC on Monday reported a narrowed annual loss on reduced costs.
In 2019, the company's pretax loss narrowed to EUR562,167 from EUR1.1 million in 2018.
Revenue slipped year on year to EUR17,527 form EUR165,216.
The company's loss narrowed, however, due to the EUR317,396 exploration impairment charged in 2018 that was not repeated in 2019. Erris recored a EUR124,901 share based payment charge in 2018 that was not repeated in 2019.
The company's administrative expenses also reduced in 2019, falling to EUR475,592 from EUR696,083.
Chair Anton du Plessis said: "The global backdrop for the resources industry was challenging in 2019, necessitating a cautious approach by Erris Resources that saw us carefully husband our resources whilst actively seeking new opportunities.
"Accordingly, new exploration ground was staked in Norway and, in December, the company entered into a joint-venture and option agreement relating to the Loch Tay gold project in Scotland. Our team continues to seek and evaluate new projects that fit the Erris Resources model."
Erris had cash of EUR1.2 million at the end of March.
Shares in Erris Resources closed 8.9% lower in London on Monday afternoon at 2.55 pence each.
By Paul McGowan; [email protected]
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