24th Apr 2019 16:49
LONDON (Alliance News) - Fandango Holdings PLC said on Wednesday reported a widened loss for its most recently ended financial year on higher costs, as it continued to look for acquisition opportunities.
The industrial and services-focused investment company reported a pretax loss of GBP290,000 for the year ended August 31, 2018, widened from GBP200,000.
This was due to a sharp increase in administrative expenses to GBP278,000 from GBP77,000, coming from directors' fees, consultancy and advisory fees and rent costs.
Post-period, in mid-December Fandango signed heads of terms to acquire Konnect Mobile Communications Inc. However, discussions were cancelled due to the failure to raise enough funds for the acquisition.
Looking ahead, Fandango said it will review other acquisition opportunities and will provide updates in due course.
Shares in Fandango remained suspended on Wednesday.
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