Substantial gross profit increase for LGO Energy
Updated : 09:52
LGO Energy doubled their revenue for the first half of 2015
The AIM-listed oil and gas company announced revenue for the six months to 30 June is at £6.61m, up from £3.23m the previous year.
Gross profit was also up over 150%, from £0.797m to £2.062m.
That brought the group’s pre-tax loss excluding non-cash items from £2.176m to £0.187, however the overall group loss increased from £2.489m to £2.525m.
LGO chief executive Neil Ritson said the group has drilled seven new wells using the knowledge push in 2014 to improve its drilling technique.
“Our focus now is on ensuring the optimum production management strategy implemented based on the extensive well testing we have undertaken.
“Looking ahead, we have a clear set of objectives for the second half of the year, most importantly, to continue to manage costs to ensure robust economic growth despite the low oil price environment.”
Shares in LGO rose marginally, up 0.03p to 1.33p at 0852 BST.