19th Nov 2015 11:14
LONDON (Alliance News) - Avarae Global Coins PLC on Thursday reported a narrowed pretax loss in the first half of its financial year as it increased sales and said it is confident for the future.
Avarae, which buys, holds and sells rare coins, said its pretax loss in the six months ended September 30 narrowed to GBP180,000 from GBP207,000 in the same period the year before, as revenue grew to GBP723,000 from GBP81,000.
The company said its results were boosted by the disposal of a significant number of lower value coins and replacing them with a small number of very high quality rarities.
Avarae will not pay an interim dividend for the period.
"The first half of the current financial year has been a particularly active one for Avarae, with a significant rebalancing and concentration of the portfolio towards higher value coins resulting in a reduction in the number of coins held by almost one fifth," Director Diane Clarke said in a statement.
"This, together with a strong balance sheet and an anticipated reduction of administrative costs going forward, means that the directors remain positive about the company's future prospects both for the current year and longer term," she added.
Shares in Avarae Global Coins were untraded on Thursday, last quoted at 11.68 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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