21st Mar 2018 14:09
LONDON (Alliance News) - Concha PLC on Wednesday reported a significantly narrowed loss in the first half of its financial year following the non-repeat of impairment costs.
The investment services company posted a pretax loss of GBP229,000 for the six months to the end of December, significantly narrowed from GBP3.0 million reported a year earlier.
In the first half of the previous Concha's profit was hit by impairment costs related to its Ve Interactive Ltd investment.
Last month the UK High Court decided to replace the administrators of Ve Interactive, after Concha's former directors complained about the process by which administrators were appointed. Concha said it is currently considering how best to leverage the judge's conclusions to compensate for the loss of value it has suffered.
The company also highlighted its GBP175,000 secured convertible loan to The Buyerpool Ltd trading as UcaDO during the period. Through the peer-to-peer residential sales and lettings platform, Concha said it expects to further develop relationships with new housebuilders, landlords, and trusted service providers.
Moreover, Concha said it appointed current London Newcastle Chairman Chris Philips to the board of UcaDO in advance of its platform launch later this year.
"These interim results reflect the activities of identifying and securing Concha's investment in UcaDO and supporting that investment with a view to securing near term liquidity for its investor base. We will continue to work towards securing liquidity events for both our investments in UcaDO and our minority 30% holding in Works as part of the process of preparing Concha for a reverse takeover," Concha said.
Concha shares were down 7.3% on Wednesday at a price of 0.19 pence each.
