4th Mar 2016 11:36
LONDON (Alliance News) - Blue Star Capital PLC on Friday said it is continuing to seek investments as it reported a swing to a pretax loss for its recently ended financial year.
The investing company, which invests in the technology and gaming space, reported a pretax loss of GBP106,370 for the year to end-September, swung from a pretax profit of GBP276,333 the year before, as a result of a lower gain arising from investments held of GBP67,633, compared to a GBP477,021 gain the previous year.
Net assets increased to GBP1.87 million at the end of the year, compared to GBP1.77 million a year before.
Blue Star said that, within its portfolio, Oak Media Ltd did not perform as expected, and its interest in the company had a carrying value of GBP50,000 as at the end of the year, compared to GBP114,634 the year before.
However, the valuation of its interest in Vigilant Applications Ltd increased to GBP220,445 compared to GBP88,000 as the end of March 2015, as a result of a recent funding round.
Blue Star said it is keeping its day-to-day running costs under "strict control", and it is continuing to accrue directors' salaries until a more significant fundraising is "deemed appropriate" and there is a meaningful update in relation to its current investment portfolio of new investment opportunities.
"The directors are continuing to seek investments which have the potential to deliver significant shareholder value and which may or may not constitute a reverse takeover if completed. The directors are also considering how best to realise value for shareholders in the company's existing portfolio of investments," Blue Star said.
Shares in Blue Star were down 13% at 0.100 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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