25th Aug 2015 14:51
LONDON (Alliance News) - Flying Brands Ltd on Tuesday said it has been looking at investment opportunities within the technology and logistics sectors.
"Over the period we have assessed over five projects that are consistent with our investment strategy. We will continue to review projects where we believe value can be created for Flying Brands' shareholders," Chief Executive Trevor Brown said in a statement.
"In the meantime, we have continued to reduce the company's on-going running costs in order to preserve the company's primary asset being its cash deposits. We are in the process of closing a majority of the company's subsidiaries which will reduce Flying Brands' on-going costs further," Brown added.
Flying Brands said it made a GBP94,000 pretax loss in the 26 weeks ended June 30, compared with GBP302,000 in the corresponding half the prior year.
The company had no revenue in the opening months to 2015, compared with GBP26,000 in the corresponding half the prior year.
Operating expenses fell to GBP84,000 from GBP276,000.
Flying Brands used to make money from the rental of sites within Retreat Farm on Jersey. It sold the the Retreat Farm assets towards the end of 2014.
Flying Brands shares were up 22% at 1.50 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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