Source - Alliance News

Savannah Energy PLC - Africa-focused energy company - Last Friday reported swing to half-year loss. In the six months ended June 30, swings to interim pretax loss of $11.3 million from a profit of $7.7 million a year prior. Revenue falls 14% to $85.8 million from $99.4 million. Administrative expenses widen 23% to $11.7 million from $9.5 million.

‘We have invested heavily during the period to scale up the business ahead of completion of the proposed acquisition of the Chad and Cameroon Assets and to enable the delivery of our wider business development plans,’ firm says. Transaction and other related expenses widen to $7.3 million from $2.3 million.

Current stock price: 27.70 pence, up 0.2% on Tuesday

12-month change: up 43%

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