LONDON (Alliance News) - Cradle Arc PLC said on Friday, in its maiden results since listing in January, that its interim loss widened as it looks to raise funds to improve its current processing facilities.
Revenue for the half year to June 30 multiplied to GBP1.5 million from GBP276,698 a year ago, but so did the company's pretax loss, to GBP5.5 million from GBP734,860.
Cost of sales came in at GBP2.0 million compared to nothing a year before, while administration expenses climbed to GBP2.3 million from GBP809,820.
Earlier this week, Cradle Arc reduced its production forecast for the third quarter of 2018, and placed its target for the second half of 2018 under review, due to continued interruptions at its Mowana copper mine in Botswana caused by equipment breakdowns.
"In spite of continued sporadic interruptions being experienced at the processing plant, we have made good progress with our open pit mining activities with a large amount of waste stripping completed and are focussed on getting Mowana on a sound and sustainable footing," Chief Executive Kevin van Wouw said on Friday.
Whilst the company continues to seek financing for its proposed dense media separation upgrade project, due to processing plant interruptions in the third quarter to date, Cardle Arc has decided to focus on securing funding to improve its current processing facilities.
Shares in the company were down 3.0% at 1.60 pence on Friday.