Eco Buildings Group PLC on Thursday said its half-year loss widened on higher costs and said its shares were readmitted to trading on AIM after publishing its annual results for 2022.

Shares in Eco Buildings plunged 21% to 20.15 pence each in London on Thursday morning.

The London-based manufacturer of prefabricated modular housing products was initially named Fox Marble Holdings PLC prior to its reverse takeover of Eco Buildings Group Ltd in early June.

In the six months to June 30, the firm’s pretax loss widened to €907,000 from €82,000 a year prior. This was driven by administrative and other operating expenses of €132,000 as well as costs incurred as part of its reverse takeover process, offset by strict measures to control expenditure, Eco Buildings explained.

Revenue grew to €32,000 from no revenue the year before.

The company also noted that its share suspension was lifted on Thursday after publishing its results for 2022 on Wednesday following a lengthy delay.

In June, Eco Buildings had reported that its results for 2022 would not be published by the AIM deadline, and subsequently its shares were suspended.

Eco Buildings also announced on Thursday that following the transfer of its innovative production equipment from Dubai to its new purpose-built 2,440 square metre factory in Durres, it has completed a comprehensive refurbishment and upgrade programme of all essential machinery required to produce its wall panels.

Chief Executive Officer Sanjay Bowry commented: ‘I am pleased that this important milestone has been reached, ensuring a solid platform for manufacturing at Durres for years to come. We look forward to the imminent manufacture of our first wall at the new facility.’

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