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Annual Results

Raven Russia widens FY IFRS after-tax loss

14 March 2016 07:46

Raven Russia has widened its FY IFRS after-tax loss to USD192.4m, from a loss of USD88.2m. The result included unrealised losses on revaluation of USD256.5m, from a loss of USD145.4m.

Final distribution of 1p a share would be via a tender offer buyback, compared with 3.5p a year ago.

CEO Glyn Hirsch said:

"Our general strategy is to batten down the hatches, preserve cash and make sure we are able to participate in the upside when things improve. Any reduction in sanctions or strengthening of the oil price will benefit us."

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Related Company: RUS

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