Sound Energy Plc (SOU.L), an upstream gas company, reported Wednesday that its fiscal 2023 pre-tax loss from continuing operations was 7.15 million pounds, compared to prior year's profit of 6.58 million pounds.
Loss for the year attributable to owners of the company was 13.72 million pounds, compared to 18.35 million pounds a year ago.
Loss per share was 0.38 pence, compared to profit of 0.28 pence last year.
Gross profit plunged to 42 thousand pounds from last year's 5.72 million pounds, which included reversal of impairment on development assets and exploration costs of 5.68 million pounds.
The company further said that its cash flow forecasts, for the next twelve-month period to April 2025, indicate that additional funding will be required to enable it to continue to meet its obligations. This condition indicates the existence of a material uncertainty regarding the company's ability to continue as a going concern.
In London, Sound Energy shares were losing around 2.74% in the early morning trading.
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