24th Oct 2013 11:42
LONDON (Alliance News) - Avanti Capital PLC reported widened losses for the year ended June 30, partly due to higher tax expenses.
The investment management company that invests in bars and restaurants reported a pretax profit of GBP161,000 compared with GBP185,000 a year earlier. However it reported a net loss of GBP423,000, compared with a loss of GBP265,000 after its tax expenses more than doubled.
It reported full-year revenues of GBP21.2 million, up from GBP19.6 million a year earlier.
Avanti said that at the end of the year it had net assets of GBP10.5 million, excluding the accounting affects of the consolidation of Eclectic Bars Limited, compared with GBP11.3 million a year earlier.
It said that its net asset value per share was 131 pence, compared with 141 pence a year earlier.
On a consolidated basis, the group has assets of GBP11.5 million, compared to GBP11.6 million.
The group reported a loss before exceptional items of GBP0.8 million. It said that its profit before tax on a consolidated basis was GBP0.2 million.
Avanti Capital said that premium late night bars and restaurant operator, Electric Bars Limited, delivered a strong performance in the 12 months period ended June 30, with sales up 7% at GBP21.2 million. It said that earnings before interest, taxes, depreciation, amortisation and head office costs were up 15% to GBP5.8 million.
The company, which also invests in Espresso Group Limited, said that full year results were once again strong with the core UK business profitability sustaining investments in new products for the UK, and business development in the USA.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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