LONDON (Alliance News) - Doriemus PLC Friday said it swung to a pretax loss in 2013 as expenses increased and revenues fell significantly due to the company's changes to its investment strategy to focus on companies and projects within the natural resources sector.
Doriemus said it swung to a pretax loss of GBP598,091 from a pretax profit of GBP590,759 the previous year, as revenues fell 74% to GBP235,100 from GBP915,886.
The company said its drastic decline in revenues came as it began switching from investment in traded endowment policies to focus of the natural resources sector. The market demand for traded endowment policies was extremely depressed at the start of 2013, and the company began to focus its investments elsewhere.
It continues to maintain interest in the TEP Exchange business, a web-based exchange for endowment policies.
During the period, Doriemus acquired three UK conventional oil and gas opportunities and started a joint venture with Angus Energy Ltd. It continues to look for further investment opportunities.
Doriemus also said its administrative expenses increased during the period, and it was hit by a GBP235,911 share-based payment charge.
"The next financial year should see significant improvements in production at two of Angus Energy's licences with new production wells proposed to be drilled on both," Chairman Donald Strang said in a statement. "The adoption of the new Investing Policy is in the best interests of the company and its shareholders as a whole."
Doriemus shares were down 4.8% to 0.200 pence, putting it amongst the worst AIM All-Share fallers on Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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