Qatar-based Panceltica Holdings Ltd swung to a first-half pretax loss due to costs associated with its initial public offering and said finance director Colin Fitzpatrick would step down to return to the UK.

The provider of steel technology to the international construction industry said it had appointed Ben Bright as Fitzpatrick's replacement.

The company, which listed on London's AIM market in March, posted a pretax loss of $19.8 million for the six months to end-June, compared with a profit of $5.2 million last year.

It incurred costs of $8 million related to its admission to AIM, and sustained a non-cash charge of $27.8 million regarding the issuance of convertible loan notes raised in certain pre-IPO fund raisings.

The company also said it couldn't pay a dividend as a result of the one-off costs sustained in the period.

Its first-half revenue, however, rose to $156.3 million from $31 million a year ago. Qatar continues to be the primary source of the group's revenue, with sales of $154.5 million in the first half, it said.

Separately, Panceltica said it would form a new joint venture with Smart Cities Est, a company registered in Saudi Arabia, for the construction of large-scale residential projects across Saudi Arabia.

Looking to the second half, the company said its trading prospects were strong and it was well placed to win major contracts in its key markets.

At 0845 GMT, shares in Panceltica were down 2.88 percent at 101 pence in London. - Reuters