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Contango first-half losses widen on costs from readmission to LSE
StockMarketWire.com
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Contango losses widened in the first half of the year, driven by costs following its readmission to trading on the London Stock Exchange.
For the six-month period ended 30 November 2020, pre-tax losses widened to £1.1 million form £0.26 million year-on-year.
The company incurred significant one-off costs related to the readmission in June 2020 of £417,642.
Also, the company incurred a £100,000 non-cash charge by way of a share based bonus paid to the original directors of Contango prior to readmission in lieu of their efforts to conclude the transaction, it added.
Looking ahead, the company said demand for coking coal in Southern Africa 'remains buoyant and the conversations that we have had over recent months.'
The company is also targeting further progress on its offtake agreement for its Lubu coal project operation in Zimbabwe.
The potential offtake partner is in the process of 'constructing a number of coke batteries in the Hwange region of Zimbabwe where Lubu is located, with the aim of being ready for production by the end of April 2021,' the company said.
At 10:44am: (LON:CGO) Contango Holdings Plc Ord 1p share price was 0p at 5.6p
Story provided by StockMarketWire.com
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