Pacsco Limited
PACSCo Limited (formerly Agriterra Limited) is a Guernsey-incorporated, AIM-listed company whose historical operating business was the Mozambique Agricultural Businesses (grain trading, beef production and maize-based food products, via subsidiaries DECA, Compagri, Mozbife and Deca Snax). On 31 March 2025 shareholders approved disposal of these businesses to Chepstow Investments Limited (the company's 50.58% controlling shareholder) and the renaming of the company from Agriterra to PACSCo. Following deconsolidation, the company is now an AIM Rule 15 cash shell seeking a new investment opportunity or reverse takeover, funded by an unsecured working capital facility from Chepstow.
FY2025 in sixty seconds
year to 31 Mar 2025 · approved 30 Jan 2026 · 37 pages · Company website
PACSCo Limited, formerly Agriterra, ran grain, beef and maize food businesses in Mozambique. In the year to 31 March 2025 those businesses brought in revenue of $13,591,000, up from $10,393,000, but the company's loss after tax grew to $28.7m from $3.2m.
The jump comes mostly from a one-off cost. Shareholders voted on 31 March 2025 to sell the Mozambique businesses to Chepstow Investments, the company's controlling shareholder, and the sale produced a loss of $26,531,000. After the sale, net assets, meaning assets minus debts, fell to $1k from $6.8m.
No shares were issued and no dividend was paid. Chepstow has agreed to lend up to £750,000, with £253,000 drawn by the report date. The company is now a "cash shell", a listed company with no business, looking for a new investment or takeover. The sale still awaits Bank of Mozambique approval, with a deadline of 31 March 2026. Once it completes, the company has six months to find a deal or its shares will be suspended. The auditor gave a clean opinion, raising no doubt it can keep going.
Sale of grain, beef and maize-based food products at fixed price lists in Mozambique (discontinued operations)
All of the Group's revenue is derived from selling goods with revenue recognised at a point in time... All of the Group's revenue is derived from fixed price lists
page 21Gross profit on discontinued operations improved to $2,516k from $1,832k
Gross profit (discontinued) $2,516,000 (FY24: $1,832,000) despite cost of sales of $10,985,000
page 28Chepstow has agreed to provide a working capital facility, to enable the Company to seek suitable alternative investments; the Board are reviewing the future investment strategy and will implement this once the Disposal has been completed.
page 4No final dividend recommended for FY25 (FY24: US$ nil); no interim dividends paid in either year.
page 77 years on one page · FY2019–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
6 figures restated in a later report
Every figure is read again from the following year’s report: 189 confirmed, 7 differ, 6 restated.
| Line | Year | As first filed | In the later report |
|---|---|---|---|
| FY2024 | $1.5mFY2024 report | $1.0mFY2025 report | |
| FY2024 | −$3.2mFY2024 report | −$3.2mFY2025 report | |
| FY2024 | −$1.9mFY2024 report | −$411kFY2025 report | |
| FY2024 | −$3.3mFY2024 report | −$1.4mFY2025 report | |
| FY2024 | −$127kFY2024 report | $0FY2025 report | |
| FY2024 | −$722kFY2024 report | −$102kFY2025 report |