4th Jun 2020 12:29
(Alliance News) - Hawkwing PLC on Thursday said its loss narrowed significantly in 2019, but cautioned that the Covid-19 pandemic may make it difficult to complete an acquisition.
Shares in Hawkwing - formerly sports marketing and player representation business TLA Worldwide - were suspended in March as it had not agreed a reverse takeover.
For 2019, Hawkwing posted no revenue due to the sale of the entirety of its US and Australian business. The company sold its US unit in 2018 for USD5.9 million and completed the sale of its Australian business in September 2019.
Its pretax loss was USD444,000, narrowed year-on-year from USD42.8 million. Administrative expenses were almost wiped out to USD464,000 from USD46.9 million.
Looking ahead, the company said it will continue to focus on seeking an acquisition but warned that the Covid-19 pandemic may present challenges.
Hawkwing has until March 6, 2021 to make an acquisition, or become an investment company with the latter requiring it to raise GBP6 million.
"Covid-19 may impact the company's ability to execute an acquisition during this period. However, the directors will review, on an ongoing basis, the options for the company," Hawkwing said.
As at the end of 2019, the company had cash of GBP200,000.
By Ife Taiwo; [email protected]
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