15th May 2023 15:15
Union Jack Oil PLC - UK-focused hydrocarbon production, development and exploration company - Swings to a pretax profit in 2022 as its full-year revenue multiplies. Pretax profit in the year swings to GBP3.1 million from a loss of GBP853,013 the year prior. Revenue multiplies to GBP8.5 million from USD1.9 million in 2021. Explains this increase was mainly due to elevated cash flow from its Wressle project, as well as "robust" oil prices and increased hydrocarbon production in the year. Declares an interim dividend of 0.3 pence per share. Looking forward, Executive Chair David Bramhill says the company will remain focused on the development of its flagship projects, Wressle and West Newton, moving forward. "The future of Union Jack remains bright," he adds.
Current stock price: 22.83 pence, down 0.7% in London on Monday afternoon
12-month change: down 19%
By Heather Rydings, Alliance News senior economics reporter
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