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Savannah Energy PLC - Africa-focused energy company - Last Friday reported swing to half-year loss. In the six months ended June 30, swings to interim pretax loss of USD11.3 million from a profit of USD7.7 million a year prior. Revenue falls 14% to USD85.8 million from USD99.4 million. Administrative expenses widen 23% to USD11.7 million from USD9.5 million.
"We have invested heavily during the period to scale up the business ahead of completion of the proposed acquisition of the Chad and Cameroon Assets and to enable the delivery of our wider business development plans," firm says. Transaction and other related expenses widen to USD7.3 million from USD2.3 million.
Current stock price: 27.70 pence, up 0.2% on Tuesday
12-month change: up 43%
By Tom Budszus; tombudszus@alliancenews.com
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