EXPLORATION company Minmet reduced its loss before tax from £1,124,296 in 1994 to £516,764 in 1995. Turnover amounted to just £102,352, up from £88,074. Shareholders funds have fallen from £1,723,817 to £1,549,454.

Chairman Mr Jeremy Metcalfe tells shareholders in his annual review that much of the reduction in overhead costs only began to flow through in the final quarter and that the full benefits will not be evident until this year.

The company, he said, is now concentrating on businesses which combine cash flow with the immediate enhancement of shareholder value. It is "at last on an even keel". He noted that Minmet has made a number of deals in 1996 which "over the coming months, should start to bring results".