15th Sep 2015 10:47
LONDON (Alliance News) - Castle Street Investments PLC on Tuesday said it swung to a first-half pretax profit and remains on the hunt for acquisitions.
The investing company said it made a GBP1.6 million pretax profit in the six months to June 30, compared with a GBP2.4 million pretax loss the prior year.
"We have continued to make strong progress in closing out our liabilities on favourable terms, thereby preserving cash for shareholders," Chairman Bill Dobbie said in a statement.
"Accordingly, the directors anticipate that the company's cash balance at December 2015, net of liabilities, is likely to be in excess of GBP21.5 million. On this basis, estimated net cash balances at the year-end would represent 30.5p per share. With the reduction of capital approved we will have distributable reserves in excess of GBP21 million," Dobbie said.
"We continue to evaluate acquisition targets in line with our stated investment policy, as an alternative to a cash distribution to shareholders," Dobbie added.
Shares in Castle Street were up 0.5% at 30.40 pence on Tuesday morning.
By Samuel Agini; [email protected]; @samuelagini
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