Results Round-up

Shares in Baron Oil plunged over 10% early on Wednesday, as the oil explorer reported a wider annual loss due to increased impairment charges in Colombia.

In the period to 31 December, the London-listed group posted a pre-tax loss of £3.35m, which was 11.6% wider than in the corresponding period in 2013.

Revenue rose 28% year-on-year to £2.83m, although the company said that due to a number of disruptions it suffered in 2013, the 2014 turnover reflects the significant impact of falling oil prices relative to the cost of production in the Colombian wells.

Continuing disruptions to production and operating difficulties have led the group to review its strategy for the Nancy-Burdine-Maxine (NBM) field in Colombia and, as a result, the Baron has decided to fully impair all remaining NBM assets.

The group said the decision resulted in a £2.2m increase in impairment charges, adding the volatility of the oil market was likely to affect prices in the medium- to long-term future.

Westside Investments, which plans to change its name to reflect its emphasis on sport-related activities, swung to a profit during the year ended 31 December 2014.

Although revenue declined slightly, by 1.68% to £1.65m, the company was able to post a pre-tax profit of £16,590, compared with a 2013 loss of £379,742. Losses per share improved to 0.004p from 0.027p a year earlier.

The company did not recommend a dividend.

Its Sports in Schools division posted revenues of £1.24m thanks to growth in its holiday camps, where it provides sports tuition during the school holidays.

The second phase of its UltimatePlayer.me programme is expected to be launched during the second half of the year. The programm is a "free to view online platform" for children to measure their own individual skill sets, in which the group has invested considerable time and money.

Westside is considering changing its corporate name following the pilot launch of UltimatePlayer.me to reflect its emphasis on sports-related activities.

Its Football Partners operation saw revenues decline 8% to £405,116, hurt by a difficult market and the loss of a key venue.