28th Apr 2015 09:14
LONDON (Alliance News) - Gresham House PLC Tuesday said its net trading loss more than halved in 2013, as it started on a journey to become a specialist asset manager led by a new management team.
Gresham had been proposing to liquidate its assets and return the funds to shareholders, but late last year it changed tack as the new management team took over with the purpose of converting it into a specialist asset manager. It moved to London's AIM market and raised GBP10.6 million of new funds in December.
Its results for 2014 reflect part of the change in tack, with a narrowing of the net trading loss to GBP615,000, from GBP1.5 million in 2013, reflecting a more than halving of property outgoings. Costs on the development site at Knowsley fell, as did legal and professional fees.
Its net assets at the end of 2014 were GBP27.8 million, up from GBP20.3 million, although its net asset value per share, reflecting in part the increased number of shares in issue following completion of December's placing fell to 298.0 pence, from 378.5p.
"We have started the journey to evolve the company, both organically and through acquisitions, into a specialist asset manager. There is a clear market opportunity to develop specialist and illiquid asset management strategies to address demand for long-term and superior investment returns. Gresham House has put together a highly capable team to succeed in this area and we look forward to reporting as we implement the strategy," Chief Executive Tony Dalwood said.
Gresham House shares were up 1.8% at 285.00 pence Tuesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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