Tawa plc (TAW.L) announced unaudited interim results for the six months ended 30 June 2012. Loss before taxation was $6.2 million compared to profit of $16.5 million last year. Loss per share was 5.78 cents compared to profit of 9.96 cents prior year.
Tawa recognised net losses of $6.5 million compared to net profits of $11.1 million in the six months to 30 June 2011. Net earned premium revenue was $0.1 million compared to $59.8 million last year.
The Group said no dividend will be distributed in 2012 in relation to the results for the 2011 financial year. The Group does not propose the payment of a dividend to shareholders in relation to the six month period to 30 June 2012.
Gilles Erulin, Chief Executive, commented: "Tawa is on the move. On the move potentially as to its shareholders, but also internally. We have set ourselves a challenging and exciting road map for this year and we are on target for its key components, such as divestment, burn rate reduction and internal reorganization. We welcome success such as extraction from the tax assets, launch of Lodestar Marine and 45 percent growth on new clients' billings. Meanwhile we remain focused on our service division EBITDA generation which remains insufficient in aggregate. We are in the middle of the transition phase and we are very optimistic for the prospects of the platform we have created."
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by RTT Staff Writer
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