Vialogy losses widen, on track for year

ViaLogy, a service provider to global oil and gas exploration and production companies, said half year pre-tax losses widened while revenue more than doubled.

The group, which reported a £2.98m loss for the six months ended September 30th 2012, said the figure included a non-cash loss of £1.6m for amortisation and depreciation. A loss of £2.63m was reported the year earlier.

The company posted a loss per share of 0.316p compared to a loss of 0.330p before.

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Revenue surged to £84,691 during the period compared to £40,915 the same time a year earlier.

Looking ahead ViaLogy said it expects full year earnings to be in line with market expectations.

The group explained that most of the income from its three main contracts will be included in its full year account.

"At that time we expect to announce financial results consistent with our three year business plan and in line with market expectations," it said in a company statement.

Cash and equivalents stood at £1.15m compared to £455,627 before.

CJ