LONDON (Alliance News) - African agriculture and forestry company Obtala Resources PLC on Wednesday reported a narrowed loss in 2015 as it announced an overhaul of its management team.
Obtala said its pretax loss narrowed to GBP10.4 million in 2015 from GBP24.1 million in 2014, as revenue rose to GBP3.7 million from GBP1.7 million and it received a GBP8.6 million gain on fair value of biological assets. Profit in 2014 had been hit by a GBP21 million loss on the disposal of a subsidiary.
"I am confident 2016 will prove to be exciting and look forward to reporting on the further development of our farming and timber operations," Chairman Miles Pelham said in a statement.
Separately, Obtala announced the appointment of Paul Dolan as the company's new chief executive. Dolan has over 25 years' global financial market experience, Obtala said.
Managing Director Simon Rollason will continue in the same role and Philippe Cohen remains finance director.
Meanwhile, Warren Deats has been appointed as chief operating officer, based in Dar es Salaam, Tanzania. Deats has 15 years' investment banking experience in Africa, Europe and Asia.
Deputy Chairman Kevin Milne will move to a non-executive director role, removing the position of deputy chairman role now that a CEO is in place.
In addition, Obtala has appointed Claus Wellov as head of forestry logistics, Graham Impey as head of agriculture, and Sophie Hunter as head of sales, marketing and distribution.
"I welcome Paul Dolan and Warren Deats, and our new managers into the fold and thank the existing directors for all they have done, and are committed to doing going forwards. I am excited by the prospect that is before us and I look forward to communicating progress to shareholders in due course," Pelham said.
Shares in Obtala were trading down 6% at 8.11 pence on Wednesday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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