20th Apr 2016 08:10
LONDON (Alliance News) - Investment company Flying Brands Ltd on Wednesday said it has recovered some of the funds related to the fraud it flagged on its bank account earlier this month and said its pretax loss narrowed in 2015.
Earlier this month, the company said it had been made aware of fraudulent activity in its bank account and said it did not expect to recover the funds lost. Flying Brands said the fraudulent activity in its bank account involves a potential loss of GBP78,000.
The bank holding the account and Jersey police are investigating the incident.
On Wednesday, it said some of the funds have been recovered, leaving the total possible loss from the fraud at GBP65,000.
The company posted a pretax loss of GBP153,000 in the year to the end of December, compared to GBP375,000 a year earlier. The company generates no revenue, so the narrowed loss was down to cuts in operating and finance costs.
Flying Brands is still looking for an investment and said it was hopeful on concluding one of these possible deals in the near future.
Shares in the company were up 33% to 2.83 pence, one of the best performers in the London market.
By Sam Unsted; [email protected]; @SamUAtAlliance
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