14th Jul 2023 08:26
(Alliance News) - Adams PLC on Thursday reported a widened annual loss and a drop in net assets following the tumultuous state of geopolitics and finance.
Adams, an Isle of Man-based technology and life sciences investor, said pretax loss for the year ended March 31 widened by 41% to GBP2.4 million, from GBP1.7 million the year prior.
Administrative expenses increased by 14% to GBP182,000, from GBP160,000 the previous year.
"The global economy is still being impacted by the adverse effects of Russia's invasion of Ukraine and rising inflation, coupled with governments heavily indebted by the financial support measures provided during the period of Covid restrictions," said Chair Michael Bretherton.
The company's net assets on March 31 dropped by 32% to GBP5.1 million, from GBP7.5 million the year before. Net assets per share stood at 3.50 pence on March 31, down from 5.31p the previous year, which the company said "reflects the loss reported for the year".
Investments at March 31 were valued at GBP5.1 million, down 23% from GBP6.6 million, whilst cash at March 31 fell to GBP47,000 from GBP871,000 the previous year.
"Your board will, therefore, continue to maintain a rigorous and highly selective investment approach, coupled with strict cost control with a view to delivering additional value for shareholders going forward," said Chair Bretherton.
"We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio," he added.
Shares in Adams were untraded at 4.50 pence in London on Friday morning.
By Will Neill, Alliance News reporter
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