Angus Energy Interim Profit Flat, Looks Ahead With "Excitement"

(Alliance News) - Angus Energy PLC on Tuesday reported a flat interim profit but is "excited" for ...

Alliance News 23 June, 2020 | 4:38PM
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(Alliance News) - Angus Energy PLC on Tuesday reported a flat interim profit but is "excited" for the future.

In the six months to March 31, the company's pretax loss was broadly flat year on year at GBP1.6 million from GBP1.7 million.

Revenue slipped year-on-year to GBP68,000 from GBP137,000.

Angus Energy's administrative expenses reduced to GBP1.4 million from GBP1.6 million.

Non-Executive Chair Patrick Meade said: "This global pandemic crisis which we are currently witnessing has had an immediate and tangible impact on us all. Oil prices have been under tremendous pressure as demand subsides with large parts of the industry going into hibernation. No-one can yet foresee how patterns of supply and demand will be altered following lifting of the lockdown. We doubt that it will be business as usual, but we do look forward to some normalisation of activity.

"It is no small blessing that we diversified from an oil exploration company to an oil and gas production company in the last twelve months as there is a consensus view that gas prices will, over the medium term, have better support than oil prices. We remain excited about the company's prospects and are confident that our efforts for the rest of 2020 will have a transformational effect."

On Monday, Angus said it had repaid GBP58,333 in cash ahead of the rescheduled date on its RiverFort loan facility, eading to the revised balance being GBP233,334, with the next repayment date being July 24.

Angus ended the half with GBP2.6 million in cash.

Shares in Angus Energy closed 6.3% higher in London on Tuesday afternoon at 0.85 pence each.

By Paul McGowan;

Copyright 2020 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Angus Energy PLC 0.78 GBX -2.19 -

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