(Alliance News) - Oil and gas and cannabidiol products maker Highlands Natural Resources PLC said on Thursday that its revenue fell and losses deepened in its recently ended financial year.
In the year ended March 31, the company made a pretax loss of GBP5.8 million, deeper than the GBP4.0 million reported the year prior.
Revenue at Highlands of GBP1.0 million was also down on last year's GBP2.9 million, which at the time was its maiden revenue.
Partly to blame for the larger losses was the GBP1.3 million loss it made on the disposal of an intangible asset. Administrative expenses however, fell to GBP5.5 million from GBP6.8 million.
Towards the end of the last financial 2019, the company launched Zoetic, a cannabidiol product following a USD1.6 million fundraiser and the unit is already generating revenue, Highlands said. It also recently launched Chill, another CBD brand.
The company has also targeted placing its ordinary shares on the over-the-counter market in the US by the end of summer, in order to make it easier for shareholders and potential investors in the country trade its shares. Highlands said listing its shares in the US will have no impact on its existing London listing.
Shares in the company fell 12% at 8.40 pence each in London on Monday afternoon.