3rd Nov 2015 10:18
LONDON (Alliance News) - Avanti Capital PLC on Tuesday said that its pretax loss from continuing operations narrowed in its last financial year, as the investment management business reported lower administrative expenses, while it swung to a net loss after tax as there was no repeat of the prior year's GBP5.1 million profit from discontinued operations.
The company's pretax loss fell to GBP212,000 in the year to June 30 from GBP2.3 million in the prior year, as administrative expenses fell to GBP569,000 from GBP2.2 million and the company booked a GBP341,000 gain on the fair value of financial assets.
Its net loss was GBP212,000, compared with a GBP2.8 million profit the prior year. The prior year included the gain realised on the disposal of the group's interest in Eclectic Bars Ltd of GBP4.6 million.
Avanti Capital had net assets of GBP4.3 million at the end of June, equivalent to 54 pence per share.
Net current assets of GBP1.7 million included GBP1.4 million of cash.
Shares in Avanti were up 1.6% at 31.00p on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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