23rd Sep 2015 09:29
LONDON (Alliance News) - Eco City Vehicles PLC shares dropped on Wednesday after it said it is still looking for investment opportunities since exiting administration at the end of 2014 as its first half loss narrowed due to lower costs.
Eco City shares were down 14% to 3.00 pence per share on Wednesday morning.
The company has been classed as an investment company after exiting administration in December 2014. The company entered administration after losing a deal with car-maker Mercedes Benz, whereby Eco City used to convert old Mercedes and sell them into the London taxi market.
Eco City, with no current operations or assets, is currently looking at opportunities in the telecommunications, media and technology sectors.
Financially, the company booked a GBP225,000 pretax loss in the first six months of 2015, narrowing from the GBP442,000 loss a year earlier. With no revenue, the loss narrowed on the back of lower administrative costs, partially offset by slightly higher restructuring costs.
"The board is pleased to confirm that it continues to make progress in identifying meaningful acquisition opportunities in our chosen areas of technology, media and communications. Whilst there can be no guarantee that one or more investment opportunities can be concluded successfully, the board remains confident of creating shareholder value through Eco City Vehicles and looks forward to providing further updates in due course," said Chairman John Swingewood.
By Joshua Warner; [email protected]; @JoshAlliance
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