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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
-
What the Employment Rights Bill means for your jobNew workplace reforms are set to give employees new rights to benefits and flexible working
-
GSK share price surges after $2.2bn Zantac drug settlementGSK has settled lawsuits in the US that alleged the drugmaker’s now-discontinued heartburn drug Zantac triggered cancer
