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Let's Explore interim loss widens; to buy Huddled for GBP4 million

28th Sep 2023 11:39

(Alliance News) - Let's Explore Group PLC on Thursday said it aims to buy a beer-delivery company as it reported a widened half-year loss.

The Nottingham-based provider of home-based entertainment VR products said pretax loss in the first half of 2023 widened 19% to GBP1.1 million from GBP938,000 a year prior. Revenue fell to 40% GBP62,000 from GBP103,000.

Administrative expenses increased 58% to GBP1.3 million from GBP858,000.

Meanwhile, the company said it is buying beer-delivery company Lancaster-based Huddled Group Limited for GBP4.0 million, to create a new enlarged company focused on growing a portfolio of e-commerce brands.

Let's Explore said that Huddle's trading business Discount Dragon was "a fast-growing direct-to-consumer e-commerce business focused on the sale of branded fast moving consumer goods - predominantly dry and tinned groceries, and beverages."

Let's Explore shares were down 1.8% at 2.70 pence each in London on Thursday morning.

By Tom Budszus, Alliance News reporter

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