18th Dec 2015 10:42
LONDON (Alliance News) - Shares in specialist lender Impact Holdings UK PLC were down nearly 30% Friday after it reported a slightly widened pretax loss for its first half, and said it remains focused on recovering monies it is owed by third parties, as it continued to navigate what it called "complex" litigation.
The company said that revenue it would normally generate from loans to clients of solicitor firms has been suspended pending the outcome of a hearing in the Supreme Court, to be heard in June 2016. Impact said it continues to incur upfront legal expenses in looking to recover loans against which it already has made provisions.
Whilst it continues to conclude litigations "successfully", Impact Holdings said, ongoing costs of more "complex" litigation matters "continue to erode positive financial results".
For the half year to end-September, Impact reported a pretax loss of GBP248,582, slightly widened from a pretax loss of GBP234,933 a year before, as revenue fell to GBP86,288 from GBP906,376.
Shares in Impact were down 29% at 74.00 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
IHUK.L