24th Sep 2019 12:41
(Alliance News) - Hermes Pacific Investments PLC on Tuesday posted a relatively flat annual loss as a small rise in finance income helped offset a rise in administrative expenses.
The emerging markets investor posted a GBP107,000 pretax loss for its financial year ended March 31, more or less equalling the GBP100,000 loss the year before.
While administrative expenses rose 16% to GBP124,000 from GBP107,000, this was mostly offset by a rise in finance income to GBP17,000 from GBP7,000.
A is has no operating business, Hermes Pacific generated no revenue in its financial year. As at March 31, its net assets stood at GBP3.7 million and its cash balance was GBP3.6 million.
Chair Haresh Kanabar said: "The slower global growth coupled with the uncertainty of Brexit has undoubtedly dented business confidence in the UK. The continued uncertainty over Brexit has made it harder for companies to make calls on investment. At the same time, disruption from emerging technology, climate change and fragile geopolitical and trade conditions have created one of the most complex backdrops to operate against in recent times. In view of all the uncertainties currently present we are very cautious with regard to deployment of our cash resources.
"The company continues to seek attractive investment opportunities that will enhance the shareholder value while minimising the downside risks."
Kanabar added: "We have a strong balance sheet and cash resources that place us in a strong position to exploit investment opportunities as they arise."
Shares in Hermes Pacific were untraded at 67.50 pence in London on Tuesday.
By Anna Farley; [email protected]
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