(Alliance News) - Anglo African Agriculture PLC said on Monday said it made "material headway" in the first half of its financial year despite its loss widening.
Revenue in the six months to April 30 rose to GBP969,580 from GBP638,996 a year ago, though the company's pretax loss widened to GBP206,962 from GBP147,794.
Anglo African Agriculture put this widened loss down to costs associated with the proposed reverse takeover of Comarco firms, which amounted to GBP105,000.
The firm first announced the acquisition of five logistics companies within the Comarco group of companies for a total of USD30 million in shares in June.
Anglo African, which owns food product manufacturer Dynamic Intertrade Pty Ltd, will acquire Consolidated Marine Contractors Ltd, Comarco Properties EPZ Ltd, Kenya Marine Contractors EPZ Ltd, Touchwood Investments Ltd, and Comarco Supply Base EPZ Ltd.
Commenting on the deal on Monday, Anglo African Agriculture said the transaction "marks a turning point".
"With the current business performing soundly and the acquisition of the Comarco Group now signed and subject to closing I believe the outlook for the company and its shareholders is exciting," said Chair David Lenigas.
Shares in Anglo African Agriculture closed down 5.6% at 0.425 pence in London on Monday.