(Updates to adds details, clarifies headline)
LONDON (Thomson Financial) - Radicle Projects PLC saw its full-year pretax
profit more than double on -- to a large extent -- gains arising from changes in
the fair value of its biological assets.
For the year to end-June, Radicle, which invests in Australian agribusiness
projects, posted a pretax profit of 1.35 mln stg from 0.64 mln stg in the
year-earlier period.
It reported gains on the change in the fair value of its biological assets
of 2.28 mln stg, from 591,675 stg. The company also reported other operating
income of 0.64 mln stg, against nil in the year-earlier period.
Revenue for the period was 36,165 stg, from 609,108 stg.
For the period, net assets increased 12.3 pct to 11.05 mln stg, while its
cash balance as at June 30 was 16.10 mln stg, from about 2.01 mln stg. The
company maintained its final dividend at 3.0 pence.
Chief executive Tim Bennett said he anticipates "significant further
progress" in the company's third full year.
Radicle sees cashflow and profitability from its Australian Hardwood
projects as it expects to begin harvesting mature trees from 2009 onwards,
rather than beginning in 2014 as originally planned.
tf.TFN-Europe_newsdesk@thomson.com
jjo/pmi/am/jjo/pmi/am
COPYRIGHT
Copyright Thomson Financial News Limited 2007. All rights reserved.
The copying, republication or redistribution of Thomson Financial News Content,
including by framing or similar means, is expressly prohibited without the prior
written consent of Thomson Financial News.
|