31st Mar 2016 11:13
LONDON (Alliance News) - Regency Mines PLC on Thursday said its pretax loss narrowed in the first half thanks to a lack of impairment charges and lower costs overall.
Regency said its pretax loss for the half to the end of December was GBP305,472, compared with GBP806,131 a year earlier. The company generates negligible revenue, so the narrowed loss was driven by a lack of impairment charges being booked and lower administrative expenses.
Regency has been working to cut costs across the business and managed to take out 60% of staffing costs and 50% in total overhead costs in the half year-on-year.
The company is working on oil projects in West Virginia and Texas but it's cautiously progressing these prospects given the low oil price environment. Regency also holds a 5.0% stake in Horse Hill Developments Ltd, the company behind the Horse Hill licence in the UK.
Regency said it expects the majority of its attention in the second half to be on onshore oil opportunities and corporate deal making.
Regency shares were down 5.2% to 0.40 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
RGM.L