26th Sep 2019 17:26
(Alliance News) - Energiser Investments PLC on Thursday said it swung to a loss in the first half of 2019 on a sharp reduction in share price of a portfolio company.
The AIM-listed firm, has a stake in KCR Residential REIT PLC, said its performance in the six months to the end of June was hurt by a reduction in the share price of KCR, which dropped to 49 pence as at June 30 from 70p in March 2018.
In March last year, Energiser acquired 2.4 million KCR shares for a total of GBP1.7 million, but its investment had to be written down to GBP1.2 million by the end of first half of 2019.
As a result, Energiser swung to loss of GBP172,000 in the first half compared to GBP298,000 profit reported for the same period in 2018. The company's net asset value per share declined to 0.89p per share as at the end of June versus 1.67p on the same day a year ago.
Looking ahead, Chair Stephen Wicks said: "We will continue to manage our investment in KCR and will also look for other investment opportunities to achieve capital growth."
Energiser Investments shares were untraded in London on Thursday, last closing at 0.60p each.
By Evelina Grecenko; [email protected]
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