(Alliance News) - Eco Buildings Group PLC on Wednesday reported a slightly widened loss despite increased revenue, and said its shares remain suspended pending publication of its latest half-year results.

The London-based manufacturer of prefabricated modular housing products was initially named Fox Marble Holdings PLC, prior to its reverse takeover of Eco Buildings Group Ltd in early June.

Eco Buildings reported an EUR1.9 million pretax loss for 2022, marginally widened compared to 2021. Revenue increased 37% to EUR888,137 from EUR646,064.

The company reduced its loss before earnings, tax, depreciation and amortisation to EUR1.1 million from EUR1.2 million, "helped by strict measures to control cost".

Administrative & other operating costs increased 32% to EUR2.3 million from EUR1.8 million, while cost of sales decreased 9.0% to EUR482,422 from EUR530,295. Cash and equivalents totalled EUR13,025 at December 31, down from EUR558,282 at the same time one year prior.

Eco Buildings expects its factory in Durres, Albania to be commissioned during the current quarter, "with commercial production beginning shortly after". In addition, the firm is currently pursuing collection of EUR454,584 in costs and EUR383,177 in damages awarded by the London Court of International Arbitration in its case against former client OM Enterprises Ltd.

The company's shares were originally suspended on AIM in April 2022 after it announced plans for the reverse takeover, but will remain suspended until Eco Buildings publishes its results for the first half of 2023.

By Emma Curzon, Alliance News reporter

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