Europa Metals Ltd on Wednesday said annual loss widened largely due to a one-off loss on deconsolidation.

Shares in Europa Metals were down 5.9% to 1.93 pence each in London on Tuesday morning.

In the financial year that ended June 30, the Europe-focused lead-zinc and silver developer said pretax loss widened to $3.4 million from $2.5 million a year earlier.

This was largely due to a one-off loss on deconsolidation of $1.3 million, as administration expenses fell to $1.2 million from $1.3 million, exploration expenditure fell to $990,477 from $1.2 million, while it swung to a foreign exchange gain of $44,724 from $78,730.

It posted no revenue, unchanged from a year earlier, although other income ticked up to $177,279 from $168,268.

Europa Metals also incurred a one-off £115,958 as a share of net loss of associate.

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