28th May 2015 14:11
LONDON (Alliance News) - Energiser Investments PLC Thursday posted a swing to a pretax loss for 2014, due to interest accrued on funding from investors which offset broadly flat revenue.
The investment company is focused on the property sector, with two projects: a rental portfolio in Wellingborough and mezzanine funding to a house-builder for a development in Surrey.
The investment company posted a pretax loss of GBP147,000 for 2014, swung from a pretax profit of GBP36,000 a year before, as revenue remained flat at GBP148,000, as a result of GBP322,000 in finance costs due to interest accrued on funding from investors.
Energiser said that the UK property market has continued to recover, which has helped increase the value of its Wellingborough property portfolio by GBP76,000.
It has advanced a further GBP1.3 million to a house-builder under a mezzanine finance agreement, taking its total to GBP2.7 million towards the development of 12 units in Surrey, for which it is entitled to receive 50% of the net profit of the development, including a priority return of GBP785,000 in the development makes sufficient profit.
Net assets rose to GBP598,000 from GBP205,000.
"The group is now re-building shareholders' funds by way of its current activities and it is expected that this will continue for the foreseeable future," the company said in a statement.
Shares in Energiser Investments are trading down 5.4% at 3.67 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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