9th Sep 2022 12:14
(Alliance News) - Marwyn Acquisition Co PLC on Friday reported is half-year loss narrowed as costs were slashed, as it continued searching for potential management partners.
Pretax loss in the six months to June 30 narrowed to GBP359,000 from GBP698,000 a year prior. Expenses fell by 49% to GBP359,000 from GBP699,000, the investment company managed by Marwyn Asset Management Ltd said.
Regarding dividends, the firm explained: "It is the board's policy that prior to the acquisition or investment in a trading entity, no dividends will be paid."
Looking ahead, Marwyn stated: "The directors believe that the recent decline in certain sector valuations is likely to continue over the short term as a result of ongoing macroeconomic and geopolitical uncertainty, and as a result may provide opportunities for more attractively priced platform assets. In combination with this, the directors have made good progress with identifying potential management partners who share in this outlook, and the directors look forward to updating shareholders in due course."
Marwyn Acquisition shares were untraded at 1.50 pence each in London on Friday morning.
By Tom Budszus; [email protected]
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