4th Dec 2018 13:36
LONDON (Alliance News) - Eight Peaks Group PLC on Tuesday swung to a loss in the first half of its 2019 financial year mainly due to a sharp drop in gains from investments and increased administrative expenses.
For the six months to September 30, the investment company recorded a pretax loss of GBP273,000, compared with profit of GBP248,000 in the year ago period.
Net gain on fair value investments totalled GBP2,000 versus GBP422,000 recorded a year ago. This was due to increase in the value of Medgold Resource Corp offset by a reduction in the value of Amedeo Resources PLC and exchange rate movements reducing the value of IBS Corp.
First-half administrative costs increased to GBP216,000 from GBP169,000 due to some one-off expenses including increased professional fees related to a share consolidation and subdivision, a name change, and payroll-related charges. The company also recorded a non-cash charge of GBP59,000 in the period related to the issuance of director options.
Eight Peaks changed its name from Legendary Investment PLC early in November.
Shares in Eight Peaks Group were up 2.4% at 10.75 pence each.