LONDON (Alliance News) - Leed Resources PLC Wednesday said its pretax loss narrowed in its first half, announced spending reduction targets, and said it plans to shift investment focus.
The natural resources investment company, which is yet to produce any revenues, narrowed its pretax loss to GBP115,000 for the six months ended December 31, 2013, from USD227,000 the previous year.
The company said it reduced its administrative expenses by 40% to GBP122,000 from GBP205,000 during the period and said changes made subsequent to the reporting period should ensure that this trend will continue into the second half of the year, with a target to reduce annualised spend by over 50%.
Leed Resources said that during the period it undertook a comprehensive business review in order to revisit its operating budget in detail, define a process to screen and execute its potential transactions, and evaluate whether the composition of its directors was best suited to take the company forward.
The company said that because its future investments should focus on assets that are linked to the experience of the board, it decided to shift to sourcing compelling opportunities in the mining space with a preference for gold and copper.
Leed Resources also said it remains focused on getting some value out of its investment in Manas Coal LLC in Kyrgyzstan, after booking a large impairment charge from Manas during its full year results announced in December.
Leed Resources shares were up 16% to 0.0695 pence, putting it in the top three AIM risers Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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