AIM-listed miner Wolf Minerals narrowed its first half losses as it continued to develop its flagship tungsten and tin project in Devon, England.
First half losses fell to $1.3m, from a loss of $2.5m last time on revenue of $23,305, down from $41,850. The result included a $1.2m foreign exchange
gain, versus a loss of $3,457 a year ago.
The dual-listed group's key Hemerdon tungsten and tin project is located near Plymouth in Devon County, southwest of the UK. Wolf has identified the Hemerdon project as a potential major new source of tungsten supply for global manufacturing and industry.
The company acquired Hemerdon in December 2007 and successfully completed a definitive feasibility study for the project in 2011.
Key achievements over the first half with Hemerdon include the award of a £85m mining services contract for the project to CA Blackwell (Contracts) Limited. A Class 'A' mining environmental waste permit for the project was secured over the period. The company also completed the acquisition of properties required for the development of the project.
In early morning trade Wolf Minerals shares
were ahead 1.6% or 0.38p to 23.63p, valuing the company at £46.7m.
Shares in lighting specialist Dialight suffered after it revealed a hefty fall in full-year profits, with the company blaming contract delays.
Still, the company has hiked its dividend and expects a return to earnings growth in 2014.
Pre-tax profits for the year though December 2013 fell 43% to £11.2m on revenue ahead 14% to £131.2m, with sales by the key lighting arm alone up 51% to £68.5m. Basic earnings per share fell to 26.2p from 42p last time.
Despite the disappointing profit performance the company has pegged its final dividend at 9.5p, giving a total payout for the year of 14.4p, up 7% on last year, underlining management confidence on outlook.
The group's net cash position at year end December 2013 stood at £7.1m, down from £15m.
The company, a supplier of light emitting diode units, said performance over the year suffered from the late receipt of orders by its lighting business, as well as investment decisions by certain end customers, primarily in the US, being deferred until 2014. The US makes up more than two thirds of group revenue.
The group admits that during the year under review it delivered profit at a level lower than its own internal expectations. It is now undertaking an assessment, assisted by an independent consultant, of the group's forecasting and performance process. This assessment has already highlighted a number of process improvements, the implementation of which have begun.
Following completion of these improvements, the group believes it will have a much more "robust and focused" system of internal control that will support Dialight's growth in the coming years.
In late morning trade Dialight shares were down 17.5p or 2.3% to 747.5p, valuing the company at £241.9m. That amounts to a recovery from earlier in the session when the shares were off as much as 11% to 682p.