27th Feb 2015 09:23
LONDON (Alliance News) - Blue Star Capital PLC shares dropped heavily on Friday morning after the company said it returned to profit in its last financial year but would not be recommending a dividend.
Shares in the technology investing company were down 20% to 0.3 pence on Friday morning, the worst performer in the AIM All-Share index, after it said it would not pay a dividend again, having not paid one in 2013, even though it posted a pretax profit for the year to the end of September of GBP276,333, compared with a GBP703,345 loss in the previous year.
The profit was pushed higher by a rise in the value of its investment in Gibraltar-based investing company Disruptive Tech Ltd.
Blue Star's net assets increased to GBP1.8 million from GBP519,241 over the year.
"I am very pleased with the progress that has been made this year, culminating in a move into profitability. A lot of work has been undertaken to develop what we believe is now a clear investment strategy and, as a result, we have established a portfolio which the Directors believe has a great deal of potential," said Blue Star Chairman Graham Parr.
By Sam Unsted; [email protected]; @SamUAtAlliance
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