Eco Buildings Group PLC - London-based housing and construction group - Says 2023 marked by its reverse takeover of Eco Buildings Group Ltd, a company specializing in the prefabricated modular housing sector. Net loss widens to €2.5 million from €400,000 last year. Notes costs incurred from reverse takeover. Says focus has been on commissioning new operations in Durres, Albania. Eco has secured two contracts in Albania and Kosovo, expected to generate €114.0 million over an initial three-year period. Notes placing of shares at 55 pence each raised £2.7 million.
Chief Executive Officer Sanjay Bowry comments: ‘2023 was a highly eventful year for Eco Buildings, including the completion of our RTO and raising £2.7 million, transferring plant and equipment from Dubai to Albania, constructing a new purpose-built factory and refurbishing and upgrading plant and equipment.
‘With the upgrades installed, we can now project higher production volumes of the highest quality walls at lower costs. We are planning our production schedule over the next 12 months to fulfil two existing contracts expected to generate over €114m over the next three years, and we anticipate soon announcing the results of advanced discussions for contracts in other fast-growing markets.’
Current share price:12.00 pence
12-month change: down 55%
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