LONDON (Alliance News) - Atlas Development & Support Services Ltd on Tuesday said its pretax loss widened in the first half of its financial year as its costs offset the first revenue it has produced.
Atlas, which provides turnkey support services, said its pretax loss for the six months to the end of December was USD5.8 million, compared to a USD1.4 million loss a year earlier. The group generated USD3.1 million in revenue in the half, compared to no revenue a year earlier.
But the revenue was offset by higher operating expenses and by a USD2.4 million share option charge booked in the half.
The group said it is actively working on expanding its sector and geographic reach, with a focus on the east and north African markets, and said it is currently holding talks on multiple potential acquisition targets.
"We have built a revenue generative and profitable business with multi-sectorial coverage across six high priority countries in Africa; each with significant potential for organic growth," said Chief Executive Carl Esprey.
"We are now poised to take advantage of new large-scale contracts to provide complementary offerings across new industry sectors and additional geographies. We currently have a number of tenders out; which have the potential of transforming our long term visible revenues," Esprey added.
Shares in Atlas were up 21% to 4.1 pence on Tuesday, one of the best performers in the London Main Market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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