AfriAg reports wider pretax loss as revenue overshadowed by costs

26th Jun 2015 16:46

AfriAg posted a wider pretax loss in 2014, as administration expenses eclipsed its maiden revenue.The agriculture logistics company's pre-tax loss hit £0.8m for the full-year, compared to just £0.3m in 2013.On top of higher-than-expected admin costs of £0.4m, a further £0.4m was lost on an equity swap, stemming from the cancellation of its agreement with YA Global Master SPV back in 2013."AfriAg has been gradually transitioning itself from its previous life as the defunct 3D Diagnostics Imaging PLC, and the board now considers that we are entering into a new and exciting growth period for the company and is confident that the investments made by the company are both encouraging and potentially rewarding," said chairman David Lenigas."We will look to realise this potential over future years in addition to continuing to review other investment opportunities," he added.As of 17:00 BST, AfriAg was trading 14% lower at 0.4p.