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LONDON (Alliance News) - Armadale Capital PLC on Tuesday reported a slight reduction in its annual loss, achieved by reducing costs.
For 2018, the investment firm focused on natural resource projects in Africa posted a pretax loss of GBP410,404 compared to GBP444,416 a year prior.
This was due to administrative expenses falling to GBP392,945 from GBP399,938 and finance costs halving to GBP17,459 from GBP44,478.
The company did not generate any revenue in 2018 or 2017. Armadale however, said it made "notable progress" in advancing the Mahenge Liandu graphite project in Tanzania.
"2018 has seen Armadale make considerable progress advancing Mahenge Liandu towards production in 2021. In line with this, post period end, we signed our first off-take MOU and discussions are underway with other potential customers," Director Nick Johansen said.
He added: "With various work streams underway towards the completion of the definitive feasibility study in the fourth quarter of 2019, shareholders can look forward to multiple value triggers in the coming months. We continue to actively review other exciting investment opportunities to add to our portfolio and look forward to providing updates on these and steps to realise the potential of Mahenge Liandu in the coming months."
Armadale Capital shares were trading up 6.1% at 1.30 pence each.