27th Mar 2020 13:55
(Alliance News) - TomCo Energy PLC on Friday reported an improved performance in its most recently ended financial year but warned that Covid-19 is hurting global markets.
The oil shale exploration and technology company reported a narrowed loss for the year to the end of September 2019 of GBP782,000 compared to GBP869,000 loss a year prior. TomCo did not generate any revenue in either year.
During financial 2019, TomCo said it saw a marked improvement in market conditions for global capital markets and the oil & gas industry. However, in early part of 2020 it has witnessed the unforeseen emergence of the Covid-19 virus, which has had a "dramatic effect" on the global capital markets.
For the foreseeable future, the company said this will have an impact on all industries including the oil & gas.
As a result, TomCo said it will seek to reduce costs in every aspect of the business whilst ensuring that it operates "as efficiently and effectively as possible".
AIM-listed TomCo shares were trading 12% lower in London on Friday at 0.42 pence each.
By Evelina Grecenko; [email protected]
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