30th Aug 2016 08:21
LONDON (Alliance News) - Challenger Acquisitions Ltd on Tuesday reported a wider pretax loss in the first half of 2016, but made revenue in its maiden set of first-half results.
Challenger, which designs and builds giant observation wheels, said its pretax loss in the first six months of 2016 widened to GBP1.5 million from GBP754,000 in the first half of 2015, but it achieved revenue of GBP2.0 million, having not received any revenue in the same period a year earlier.
The company, which listed in London in February 2015, booked higher personnel, administrative and finance expenses in the period, as it works towards building its pipeline of 25 giant observation wheels, leading to the wider pretax loss. Revenue, however, was achieved from its first project, the New York Wheel.
That revenue was for technical support services to the project on Staten Island. The New York Wheel is being constructed by engineering firm Starneth Group, which Challenger bought last year. Challenger owns a 2.4% stake in the project, which is its first.
"We are continuing to focus on our strategy to deliver significant value to shareholders through project management and equity stakes in GOWs," Non-Executive Chairman John Le Poidevin said in a statement.
Shares in Challenger were trading down 1.2% at 20.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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