26th Jun 2014 11:35
LONDON (Alliance News) - Insetco PLC Thursday said it significantly reduced its losses in 2013, after booking significantly lower impairment of investments.
The company's aim is to acquire, as an agent for clients, US life insurance policies covering the life of one or more individuals.
Insetco Thursday reported a pretax loss of GBP542,839 for 2013, compared with a loss of GBP1.8 million in 2012. It had net liabilities at the year-end of GBP391,768 compared with net assets of GBP151,071 the prior year.
The company didn't record any revenues during the year, despite reporting revenues of GBP720,230 in 2012.
It said it decided the fair value of its investment in Saolpoll (Jersey) Ltd and Insetco Capital Markets Ltd should be provided for in full, and this contributed GBP200,000 to the reported loss. By contrast, similar investment impairments in 2012 added GBP1.8 million to losses.
"Disappointingly the company was unable to build its revenue development, and the direction of the company was adversely affected by unforeseen changes to the board. As a result, the company sought additional finance during the year which was provided by the issuance of unsecured loans amounting to some GBP254,000," the company said.
Insetco said that with new directors now on the board and potential indications of refinancing and trading activities, it "looks forward to restoring the financial position of the company".
Insetco shares were untraded Thursday; they were last quoted at 0.230 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
INC.L