Agriterra, the oil prospector-turned-farming venture chaired by former international cricketer Phil Edmonds', has unveiled its first ever revenues – but not enough to swing it into the black.

The group, formerly known as White Nile, reported revenues of $4.8m for the 11 months to the end of May 31, after four years of zero takings.

The improvement followed the group's change from an oil company, whose campaign to develop a site in Sudan ran aground on opposition from the government and French giant Total, to a corn processor and cattle rancher in Mozambique.

The revenues were raised from sales of maize meal, a southern African staple food which Agriterra sells under the Deca name, the brand of the company it bought earlier this year on its transformation.

'Strong progress'

"The company has made strong progress since changes its strategy to focus on agriculture," Mr Edmonds, a former spin bowler for England, said.

Agriterra also plans to increase its cattle herd from a current 725 to more than 10,000 head within five years.

However, the company failed to make it into the black, reporting an annual loss of $3.69m and steered clear of making financial forecasts.

Nonetheless, the loss was a considerable improvement on the $89.7m a year before.