Tribe Technology PLC on Friday said that administrative expenses had widened losses for the full year ended June 30.

The Belfast-based developer and manufacturer of autonomous mining equipment said revenue multiplied to £40,000 from £2,000 in financial 2022.

The group said that its revenue and earnings before interest, tax, depreciation and amortisation were ‘in line with management expectations’.

However, Tribe Technology’s pretax loss widened to £3.8 million from £2.4 million a year before, as administrative expenses grew to £3.3 million from £2.4 million.

As of June 30, Tribe Technology has £672,800 in cash assets.

Additionally, the group said it successfully raised £2.0 million prior to its initial public offering in September.

Chief Executive Officer Charlie King said: ‘This has been an exciting year for everyone at Tribe Tech, and we have made progress in 2023, highlighted by our successful IPO in September 2023 and the strong working relationships the group has with a number of current and future customers. I look forward to providing shareholders with additional updates in the new year’.

Interim results for the July to December 2023 period are expected to be announced by March 2024.

Shares in Tribe Technology were untraded at 8.25 pence each in London on Friday morning.

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