7th May 2015 15:54
LONDON (Alliance News) - NBNK Investments PLC Thursday said its pretax loss widened in 2014, as it focuses on maintaining the company at minimal cost whilst it seeks out new opportunities for investment.
NBNK, which was formed to start a new UK retail and SME lender but made an ultimately unsuccessful bid for Lloyds Banking Group branches in April 2012, said its pretax loss for 2014 was GBP182,000 compared with a GBP136,000 profit in 2013 as it booked administrative expenses of GBP251,000 compared with a gain of GBP78,000 a year earlier.
"Our policy is to maintain the company at minimal cost while we seek appropriate opportunities to make an acquisition in the European financial services sector. We have not identified any opportunities at this time that we felt would represent good value for shareholders, but the search continues," said Chairman Stephen Johnson.
NBNK shares closed down 3.6% at 31.80 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
NBNK.L