30th Sep 2014 17:38
LONDON (Alliance News) - Cientifica PLC Tuesday said it generated a pretax profit for the year ended March 31, after posting a pretax loss the prior year.
The AIM-listed company, which is now classified as an investment company, posted a pretax profit of GBP291,000 for the year ended March 31, compared with a pretax loss of GBP2.1 million a year earlier, when it was hit by higher administrative expenses and a GBP1.6 million impairment loss on its investments.
It is now focused on finding investments in businesses making use of advanced materials, graphene and emerging technologies. It had converted to an investment company under AIM rules after running into financial difficulty and disposing of its previous operating company.
Last month, it took a 24% stake in graphene technology company G Heat Ltd by acquiring the whole of a private company owned by the Cientifica chief executive in exchange for shares, and said it would invest GBP204,000 in G Heat though convertible unsecured loan notes.
Cientifica shares closed 4.1% higher Tuesday at 1.56 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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