19th May 2025 14:19
(Alliance News) - Union Jack Oil PLC on Monday said its future "remains bright" despite reporting a decrease in its pretax profit and revenue in 2024.
Union Jack Oil is a Bath, England-based onshore hydrocarbon production, development, exploration and investment company.
The company reported pretax profit of GBP406,218 in 2024, down 70% from GBP1.4 million the previous year.
The firm's operating costs for the period totalled GBP1.4 million, up 29% from GBP1.1 million.
Union Jack Oil's revenue, meanwhile, fell 22% to GBP3.9 million from GBP5.1 million.
Looking forward, the company said its future "remains bright" and expressed optimism about its further expansion in the US.
Executive Chair David Bramhill said: "Union Jack's initial success in the USA over the past 12 months highlights the ease of entry and ability to execute our business in that country, justifying the board's decision to seek further growth opportunities internationally to bolster the company's robust production and appraisal assets in the United Kingdom.
"Our appetite for additional growth opportunities has been whetted by our recent positive experiences in the US and discussions are at an advanced stage with Reach in respect of expanding our activities over the coming months and beyond."
Union Jack Oil shares were flat at 9.25 pence in London on Monday afternoon.
By Olivia Mason-Myhill, Alliance News reporter
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