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Eco Buildings Group PLC on Wednesday reported a slightly widened loss despite increased revenue, and said its shares remain suspended pending publication of its latest half-year results. The London-based manufacturer of prefabricated modular housing products was initially named Fox Marble Holdings PLC, prior to its reverse takeover of Eco Buildings Group Ltd in early June. Eco Buildings reported an €1.9 million pretax loss for 2022, marginally widened compared to 2021. Revenue increased 37% to €888,137 from €646,064. The company reduced its loss before earnings, tax, depreciation and amortisation to €1.1 million from €1.2 million, ‘helped by strict measures to control cost’. Administrative & other operating costs increased 32% to €2.3 million from €1.8 million, while cost of sales decreased 9.0% to €482,422 from €530,295. Cash and equivalents totalled €13,025 at December 31, down from €558,282 at the same time one year prior. Eco Buildings expects its factory in Durres, Albania to be commissioned during the current quarter, ‘with commercial production beginning shortly after’. In addition, the firm is currently pursuing collection of €454,584 in costs and €383,177 in damages awarded by the London Court of International Arbitration in its case against former client OM Enterprises Ltd. The company’s shares were originally suspended on AIM in April 2022 after it announced plans for the reverse takeover, but will remain suspended until Eco Buildings publishes its results for the first half of 2023. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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