31st Jul 2018 13:20
LONDON (Alliance News) - Limitless Earth PLC on Tuesday said its loss widened in financial 2018 hurt by higher administrative expenses.
The investment company reported a pretax loss of GBP164,638 in its financial year to January 31, deepened slightly from GBP142,108 the prior year.
The loss was primarily driven by GBP218,741 in administrative expenses, rising from GBP185,244 the prior year.
The company made a follow-on investment of EUR75,000 in Italian industrial recycler Saca Gres SpA and converted GBP500,000 worth of loan notes in London-based data compression firm V-Nova International Ltd to shares.
As at January 31, Limitless Earth had net cash of GBP648,333, down slightly from GBP1.1 million the prior year. Its total of four investments were valued at GBP1.6 million, up from GBP1.3 million year-on-year.
"During the period under review, we are very pleased to have made a further investment in Saxa Gres and to have converted our investment in V-Nova," said Chief Executive Guido Contesso.
"Both these companies are gathering momentum in their fields and we look forward to watching how these investments develop," added Contesso.
Shares in Limitless Earth were trading 5.0% higher on Tuesday at 5.75 pence each.