LONDON (ShareCast) - Orogen Gold narrowed its pre-tax loss for 2012 as the mining company cut costs and edged ahead in production.
The group reported an annual pre-tax loss of £0.65m, down from £1.21m the previous year.
Gross profit came to £0.07m compared to nil the prior year. Operating loss after expenses fell to £0.69m, from £1.22m.
Its Deli Jovan prospect in Serbia helped drive results with the completion of 55% of its earn-in agreement with Reservoir Minerals (Other OTC: RVRLF - news) .
Orogen added to the second phase of the agreement on the gold project and its planned exploration will take its stake up to 75%.
The firm said it has significant cash resources to complete the exploration programme at Deli Jovan this year and to finish the recently negotiated acquisition at Mutsk in Armenia.
Funding of £1.2m was raised in October through share placing and a further £0.2m was made through issue of equity in December.
"2012 saw the company make significant progress towards its target of outlining a preliminary mineral resource at Deli Jovan, during what was universally considered a difficult economic climate for AIM-quoted junior explorers," said Chief Executive Officer Ed Slowey.
During the period the company also completed drilling at the Gindusa prospect which confirmed high grade gold values.
"The discovery of a new high grade gold zone at Gindusa West and the encouraging down hole intercepts at Gindusa have provided the company with a solid base as it continues its first stage drilling programme across the mine area," Slowey added.
Commodity software solutions provider Brady (NYSE: BRC - news) reported a sharp drop in annual pre-tax profit, following acquisition costs, but said trading to date remains in line with the board's expectations.
Brady, which operates in the metals, energy, recycling and soft commodities markets, said it was pleased with its progress in 2012 after 20 significant new licence contracts, a number of installations and upgrades and three new acquisitions.
"The board believes that the group is well placed to deliver further momentum in growth during 2013 and beyond," it said in a statement.
Although there are still concerns about the economic outlook for 2013, Brady said it is optimistic of growth in its underlying markets.
"The group now has a much larger client base, stronger cross-product offering and wider geographic reach in order to take advantage of this opportunity. Brady is seeing the benefits of increased scale and reach," it added.
Total (NYSE: TOT - news) revenue for year ended December 31st 2012 jumped 47% to £28.14m from the same time a year earlier. Pre-tax profit fell to £804,000 during the period from £2.1m the year before.
A dividend of 1.50p has been offered, up 7.0% from the year earlier.
Looking ahead, the group said now that the two recently acquired businesses have been integrated within Brady Energy, the group expects the year to be very busy.
"We are encouraged by an advanced pipeline which, in monetary terms increased during 2012 and further in early 2013."