30th Apr 2014 16:14
LONDON (Alliance News) - Neos Resources PLC Wednesday said it narrowed its loss in 2013, but remains concerned that that it may not have sufficient cash resources to sustain the business for a full 12 months following the year-end date.
Therefore its financial statements have been prepared on a "break-up basis", it said.
Earlier this year the firm said it was in discussions with its two largest shareholders to secure further funding in order retain its AIM listing. However, the firm said Wednesday that it is with "regret" that is has not been possible to reach a satisfactory conclusion. Consequently, the accounts have been prepared on a "break-up basis."
The former bio-fuels company entered talks with its shareholders in January. At that time the company said it had become an investing company because it decided that it should focus on safeguarding its remaining cash instead of attempting to conduct any business.
The company, formerly known as D1 Oils PLC, posted a pretax loss of GBP1.0 million for 2013, versus a loss of GBP3.7 million a year earlier, as revenue crept up to GBP886,500 from GBP862,900 in 2012.
It said its results reflect its Indian operations, which began to wind down with effect from January 2013, and the 246 metric tonne shipment of used cooking oil where Neos acted as principal.
Administration expenses were GBP1.0 million for the year, down from GBP3.0 million for the 18 month period to June 2012, primarily as a result of reduced staff number in the UK and India and significantly reduced London head office costs. At present there are no employees within the group.
The last two UK head office staff had their contracts of employment terminated in May 2013, whereupon finance and administrative support services were outsourced. Following the decision taken in October 2013 to cease Indian operations, all residual Indian employment contracts were ended on or by December 31, 2013.
Neos ceased trading activities in January.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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