LONDON (Alliance News) - SeaEnergy PLC Wednesday said its pretax loss narrowed and it is making progress towards breakeven as revenues increased significantly in 2013.
The Scotland-based energy services company said its pretax loss narrowed to GBP804,000 from GBP2.4 million the previous year as revenues shot up to GBP5.1 million from GBP869,000.
The company said its revenues increased as it achieved its first full-year of activity from its R2S and Consulting divisions, along with an initial contribution from its nascent Ship Management operation.
SeaEnergy also said that while its cost of sales increased to GBP3.3 million from GBP380,000, its operating expenses fell to GBP2.2 million from GBP3.1 million, reducing its operating loss to GBP681,000 from GBP3.9 million.
The company said it is making progress towards achieving breakeven status in its financial figures, and noted that its net loss in its first-half was roughly GBP600,000 but its second half loss was just GBP200,000.
SeaEnergy added that its movement towards profitability would have been greater had it not been for Board restructuring costs of GBP311,000 and the launch of its Ship Management operation during the course of the year which incurred start-up losses of GBP222,000.
SeaEnergy shares were down 7.0% to 36.98 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
