Coburg Group reports half-year loss

Coburg Group posted a loss for the half year as a result of ongoing costs, the company said Thursday.

The UK group, which has a small portfolio of shares in natural resource companies, said its £36,000 loss for the six months to October 31st reflected the expense of maintaining its listing on AIM. The results were also affected by the sale of its coffee roasting business in early 2012.

Following the sale, the group has built a portfolio of mining and natural resource stocks. The portfolio stands at a value of £110,000.

While the company reported no revenues and a loss, the results fared better than the £68,000 loss reported in the comparative period for the previous year.

Total net tangible assets of the company stood at £129,000 for the half year.

"In order to help develop the company as a natural resource investment company, Mark Parker, an experienced mining exploration entrepreneur has, subject to the results of a general meeting that is described below, agreed to join the board as a Non-Executive Director to provide natural resources sector expertise and access to potential value-enhancing deals," Chairman Jeremy Maynard said.

Parker spent 14 years as Chief Executive of African Eagle Resources, but recently left to become Managing Director of Equator Gold, a Sudan-focus gold exploration company.

RD