Ithaca Energy plc (IAE.V) on Wednesday reported a sharp increase in revenue in 2025, driven by increase in sales, but profitability was impacted by significantly higher tax charges, resulting in a net loss for the year.
Profit before tax rose to $840.3 million from $334.3 million, supported by improved operating performance and lower impairment charges compared with the previous year.
Impairment charges on oil and gas assets declined significantly to $77.5 million from $263 million in the prior year
Operating profit increased to $1.095 billion from $523.7 million.
The company posted a loss attributable to shareholders of $84.1 million, or 5.1 cents per share, compared with a profit of $153.1 million, or 13 cents per share in 2024, primarily due to a sharp rise in income tax expense to $924.4 million from $181.2 million.
Excluding items, adjusted net income was $289.2 million, down from $323.6 million.
Revenue increased to $2.947 billion from $1.982 billion in the previous year.
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