15th Jun 2015 08:29
LONDON (Alliance News) - RM2 International SA on Monday expressed confidence in its future, saying it expects to significantly expand deployment of its products with existing clients and to begin deployment with new customers in the coming year, as it posted a narrowed pretax loss for 2014.
RM2 develops and sells shipping pallets, and provides related logistical services.
The company reported a pretax loss of USD47.3 million for 2014, narrowed from a loss of USD77.2 million in 2013, as revenue rose to USD2.0 million from USD104,204, and costs related to its listing on AIM were offset by lower finance costs.
In the previous year the company recognised a finance cost of USD40.0 million in relation to the termination of a warrant agreement with Domestic Private Equity Investors LLC.
The company listed on AIM at the beginning of 2014, raising USD218 million, which it used to acquire plant and equipment and move to a new facility in Ontario. As a result of the factory move there was "very limited production" during the year, the company said. The new production facilities now fully operational.
"We are now producing pallets in increasing numbers which enables us to engage with leaders of large global businesses about their deployment and makes the coming months very important for RM2. Thus far the response of these key individuals has been very satisfactory, and we are confident in the future," said Chief Executive Officer John Walsh in a statement.
Shares in RM2 are trading down 4.2% at 66.10 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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