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Corac Group narrows annual losses

Tue, 01st Apr 2014 10:15

Technology-led engineering company Corac Group, which services the oil and gas sector, narrowed its annual losses as revenue grew.Loss before tax came to £4.3m in the year ended December 31st 2013, down from a loss of £6.1m a year earlier.Revenue increased to £19.3m from £15.3m in 2012, driven by a strong second half of growth following the integration of ACI and HTT businesses. Technology developments by the CET arm also boosted results.Adjusted group earnings before interest, tax, depreciation and amortisation (EBITDA) loss was £2.9m following a loss of £4.1m the prior year."We are pleased with the progress made by the group in 2013 and how we are building for the future," said Chief Executive Phil Cartmell. "The acquired companies have become strong contributors to group performance and CET continues to build upon its technical progress."Group net assets increased to £25.7m from £18.4, mainly due to the placing and open offer which raised £10.8m net of expenses. The firm ended the year with cash reserves of £13.7m, compared to £6.7m at the end of 2012.The order book was at £14.2m, down slightly from £14.4m a year ago, with majority of the work to be delivered in the year.Shares fell 2.13% to 11.50p at 10:40 on Tuesday. RD
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29 Aug 2018 11:49

Cradle Arc Slashes Guidance After Mowana Mine Suffers Breakdowns

LONDON (Alliance News) - Cradle Arc PLC said Wednesday the contained copper produced at the company's 60%-owned Mowana copper mine in Botswana was lower than forecast, as Chairman Toby Howell

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4 Jul 2018 11:28

Cradle Arc Sells Off Non-Core Burkina Faso Assets For Notional USD1

LONDON (Alliance News) - Africa-focused precious metals miner Cradle Arc PLC said on Wednesday it has disposed of its non core assets in Burkina Faso, held by its subsidiary Societe Miniere de for

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31 May 2018 10:58

New Ore Reserve Boosts Cradle Arc's Mowana Resource Estimate

LONDON (Alliance News) - Cradle Arc PLC on Thursday said a maiden ore reserve for its Mowana copper mine "underpins" the scale and commercial potential of the project.Shares in in

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31 May 2018 10:54

WINNERS & LOSERS SUMMARY: FirstGroup Swings To Loss, CEO Departs

LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Thursday.----------FTSE 100 - up 4.7%. The Irish building materials company

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25 Apr 2018 13:33

Cradle Arc Appoints Investor Oscar Kirkovits Non-Executive Director

LONDON (Alliance News) - Miner Cradle Arc PLC on Wednesday announced the appointment of Oscar Kirkovits as a non-executive director of the company, effective immediately.Kirkovits began his

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3 Apr 2018 10:02

Cradle Arc Reports Rise In Mowana Mine Resource Estimate

LONDON (Alliance News) - Cradle Arc PLC, an African focused metal exploration company, said Tuesday its Mowana copper mine in Botswana is showing a in its

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3 Apr 2018 07:00

Cradle Arc to boost copper output in Botswana from April

* Mowana mine output halted in 2015 during commodity crash * Next target 20,000 tonnes a year after 12,000 tonnes * Company raised $10 million in debt to revive April

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1 Jun 2015 15:48

Corac secures first commercial offer for Spirax Sarco

Engineering and technology group Corac has received its first commercial offer for its steam expander Spirax Sarco. This follows Corac's acquisition of the steam system management and peristaltic pumping company in March. The group did not give details about the client, but said the order consists

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1 Jun 2015 07:38

Corac Gets First Commercial Order Under Spirax-Sarco Agreement

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22 May 2015 08:10

Corac to change name to TP Group

Shareholders of Corac Group have voted in favour of the AIM-listed industrial engineer changing its name to TP Group, the company announced on Friday. The resolution was approved by shareholders at an annual general meeting and will take effect on Monday 1 June. Corac, which focuses on the aerospac

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22 May 2015 07:35

Corac To Change Name To TP Group From June 1

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21 May 2015 07:30

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21 May 2015 05:12

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