27th Sep 2018 16:51
LONDON (Alliance News) - Challenger Acquisitions Ltd on Thursday said its loss narrowed in the first half of 2018 as it implemented a cost reduction plan.
The investment company said its pretax loss narrowed to GBP298,000 in the six months to June 30 compared to GBP560,000 reported a year earlier, following a reduction in operating costs.
Finance costs came in lower year-on-year at GBP172,000 versus GBP332,000, while administrative expenses declined to GBP111,000 from GBP175,000.
These result were driven primarily by regulatory, restructuring, corresponding interest and the public company costs in dealing with shareholders. Challenger Acquisitions said it intends to further implement cost reduction measures in the second half of 2018.
Looking forward, the company said it expects to continue to seek out, evaluate and review a potential project that can utilise the public company platform in a manner that makes sense from a financial and regulatory perspective.
Challenger Acquisitions shares closed down 2.2% on Thursday at 0.18 pence each.
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