31st Mar 2014 14:58
LONDON (Alliance News) - Concha PLC Monday reported a wider loss for the first half of its financial year as administrative expenses rose and it wrote off liabilities.
However, it also said that it has identified a number of potential acquisition opportunities in the technology, media and communications sectors, and will update shareholders in due course.
The company, which earned just GBP6,000 in revenues in the six months to December 31, 2013, reported a pretax loss of GBP323,000, wider than the GBP85,000 loss it reported a year earlier. Its general and administrative costs rose to GBP203,000, from GBP104,000 and it booked a GBP126,000 writedown of liabilities, which it didn't detail.
The investment company in the technology, media and communications sectors has a principal investment in specialist media design agency The Works. It also had a 40% stake in Moshen Ltd, which went into administration last September.
In a statement, Concha said its investment in Works was continuing to perform well, supplemented by the Works Digital digital agency operation that it set up with the management of Works in the wake of the Moshen administration.
"The board continues to progress its action against its former legal advisors in respect of the failure to register a valid security interest in loan amounts advanced to the former Moshen business and expects to conclude this process before the end of the current financial year," it said in a statement.
Concha's investment in Moshen was its first since it became an investment company when it bought a 40% stake in the application developer back in April 2013. It went wrong when insolvent Moshen's administrators deemed the loan Concha made to Moshen to be unsecured.
It said professional fees associated with the Moschen administration were included in its general and administrative expenses for the first half. It also included the costs of its attempts to recover outstanding amounts under a loan it made to Churchill Media Ltd which are in default. It had said last October that it was owed GBP750,000 and accrued interest of about GBP50,000 by Churchill.
Still, Concha shares were up 2.8% at 0.483 pence Monday afternoon.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Concha