26th Jun 2019 17:28
(Alliance News) - AIM cash shell Bould Opportunities PLC said Wednesday its annual pretax loss widened amid reduction in business operations.
For 2018, the cash shell, formerly known as LED lighting solutions manufacturer Photonstar LED Group PLC reported a pretax loss of GBP1.7 million, widened from GBP1.6 million, on revenue that declined to GBP74,000 from GBP293,000.
Bould Opportunities during the period sold its Contract Manufacturing operations in January and liquidated the LED Light Fixtures business in November.
Total sales in 2018 declined to GBP1.9 million from GBP4.6 million in 2017, due to the business sales and wind downs, as well as disappointing sales from the ongoing Halcyon & Light Engines business.
Looking ahead, Bould said that with new funds raised, it is in a "good position" to consider new investment opportunities, while not being hampered with any liability for its past loss-making operations.
"Sufficient working capital has been raised already in 2019 to fund current expenditure. The directors will consider future funding when there is a clearer view of their proposals for the group's best way forward from its current position as an AIM Rule 15 cash shell. The group is seeking new investment opportunities in a number of business areas including the health sector," said Chair Allan Syms.
Shares in Bould Opportunities closed 2.4% lower at 0.028 pence on Wednesday.
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