27th Apr 2023 15:03
(Alliance News) - Kelso Group Holdings PLC on Thursday said its pretax loss widened last year with no revenue, but said it had successfully raised GBP3.0 million from a share placing announced in March.
Kelso, a London-headquartered investment company focused on small and mid cap UK businesses, said its 2022 pretax loss widened to GBP289,324, more than double its GBP131,682 loss the previous year. No revenue was reported for last year.
Kelso said its administrative expenses also more than doubled to GBP287,857 from GBP131,682 in 2021.
Kelso also said it had successfully raised GBP3.0 million before expenses by placing 120 million new shares with new and existing investors at 2.5 pence per share. The shares represent approximately 61% of Kelso's existing issued share capital.
"These results reflect the period before the change of name, strategy and new management taking over the reins. I am very excited about the long-term future of Kelso and helping UK listed companies unlock their true value," Chief Executive Officer John Goold commented.
During 2022 the company, formerly Insight Business Support PLC, changed its name to Kelso Group Holdings PLC in November. It appointed a new board and management team and raised GBP3.0 million through a subscription of 197.5 million shares. Goold, who joined Kelso as a non-executive director in early 2022, was promoted to CEO in November.
Shares in Kelso were down 7.6% in London on Thursday at 3.24p each.
By Emma Curzon, Alliance News reporter
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