GCM Resources widens losses in another year of nil revenue

Resource exploration and development company GCM Resources reported its preliminary results for the year to 30 June on Thursday, with exploration and evaluation costs almost halving from last year, to £0.04m from £0.08m.

The AIM-traded firm’s share-based payments were up significantly, however, to £0.27m from £0.18m, with its administrative expenses roughly in line at £0.66m against £0.69m last year.

It was another year of nil revenue, resulting in an operating loss of £0.97m, an increase from 2015’s £0.94m.

After taking into account finance costs, GCM’s total loss for the year was £1.04m, up from £0.94m, making for a basic and diluted loss per share of 1.7p compared to 2015’s 1.5p.