25th Sep 2014 09:22
LONDON (Alliance News) - Quoram PLC said Thursday it narrowed full-year loss on the back of lower administrative expenses in the period, though it said this was partially offset by a continued decline in the carrying value of Wessex Exploration PLC.
The group said its pretax loss for the year to June 30 came in at GBP688,000 against a loss of GBP2 million the year before. Last year's loss was pushed higher by administrative expenses, which fell to GBP517,000 in 2014 against GBP1.9 million the year before. Quoram said it has undertaken actions in the second half of the year to further cut its administrative expenses, which are expected to fall GBP250,000 in 2015.
The company made a gain of GBP211,000 in the second half of the year on its holdings in Plant Health Care PLC and other income rose to GBP181,000, from GBP22,000, through the provision of third party services to generate more income for the business.
The group also took no writedowns this year on the exit of its oil and gas portfolio, having booked those costs in 2013.
"Having simplified the group structure and reduced expenditure while retaining a strong balance sheet, the group is in an increasingly attractive position to address corporate opportunities as they arise. The board will inform investors of future developments when they arise," said James Ede-Golightly, Quoram's Chairman.
Quoram shares were untraded on Thursday, quoted at 0.17 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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