9th Jun 2025 08:28
(Alliance News) - Boston International Holdings PLC on Friday reported that it will be restored to trading in London, after posting 2024 results in which pretax loss narrowed slightly.
The London-based holding company was originally formed to acquire an investment in the foreign exchange sector. Back in 2019, Boston International agreed that its acquisition would no longer be targeted to a specific industry or region, due to "a lack of current opportunities" in the FX sector.
On Friday, the company released its delayed results for 2024, and its suspension was lifted. Restoration to trading will become effective on receipt of regulator approval, the firm said. Boston International Shares were suspended back in May when it missed the annual report deadline.
The firm's pretax loss narrowed to GBP323,900 in 2024 from GBP421,404 the year prior. There was no difference between basic and diluted loss per share, which stood at 19.20 pence, compared with 31.00p in 2023.
Cash at bank at December 31 was GBP9,110, up from GBP1,128 on-year, and the company posted no revenue or dividend for 2024, unchanged from the previous year.
"The company's financial performance for the period reflected market conditions," Boston International said.
It remains pre-revenue due to reliance on funding from its 60% owner Zarara Energy Ltd. Back in October, the holdings company entered a subscription agreement with Zarara, a South Africa-focused mining firm, which subscribed for shares worth approximately GBP306,000.
Zarara in March agreed to a GBP248,375 loan facility with Boston International, and in April, Zarara's nominee Abdulmunim Sultan Said Bin Brek took over as director of the holding company. Former Director William Tuppeny III resigned in February "for personal reasons".
Boston International maintains that it will meet liabilities due in the next year by issuing new shares as required. Still, the company acknowledged "material uncertainty" due to its "historic and projected losses".
Chair of Boston International Christopher Pitman commented: "Whilst it continues its assessment of potential acquisitions, the board will continue to prudently manage the company's remaining cash reserves and minimise its operating expenses in order to put the company in the best position possible to complete the acquisition."
The firm backed out of a potential takeover of hydrogen fuel cell developer Hyperion Companies Inc in May 2024.
Boston International shares were last quoted at 0.26p each in London.
By Holly Munks, Alliance News reporter
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