LONDON (Alliance News) - Independent Resources PLC Monday said its pretax loss widened in its full-year as the company was hit by costs related to its Rivara Gas Storage operations.
The Italy and North Africa focused natural gas storage and transportation company said its pretax loss widened to GBP3.1 million for the twelve months ended September 30 from GBP1.8 million the previous year.
The company, which is yet to post any revenues, increased its administrative expenses 12% to GBP1.6 million from GBP1.4 million as the company developed its executive team during the period.
However, the majority of the company's losses came from the reorganisation of the company's key Rivara Gas Storage operations in Italy after the sites environmental impact assessment approval was denied at a local level following residential complaints following an earthquake in May 2012, costing Independent Resources GBP1.5 million in costs during the year as the company contests the decision.
Independent Resources said it will require further funding within the next 12 months to continue operating and that any acquisition the company makes will also necessitate a fundraising to ensure development.
The company has built a pipeline of potential acquisition targets and hopes to make an announcement to shareholders in the first quarter of next year.
Independent Resources shares were down 6.1% to 5.75 pence Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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