19th Sep 2019 12:08
(Alliance News) - Safe Harbour Holdings PLC on Thursday said it is engaging with potential acquisition targets as it reported a unchanged loss for the first half.
In the six months to June 30, Safe Harbour generated a pretax loss of GBP1.2 million. Administrative expenses rose by 4.9% year-on-year to GBP1.3 million from GBP1.2 million though this was offset by income from interest on bank deposits more than trebling to GBP99,993 from GBP27,788.
Safe Harbour listed in March 2018 with the intention of acquiring assets in B2B distribution or business services. Its initial public offering raised GBP22.7 million.
At June 30, the company had GBP25.6 million in cash, unchanged year-on-year.
During the period, the company added James Brotherton to its executive management team as finance chief.
Chief Executive Rodrigo Mascarenhas said: "During the period we reviewed, and continue to engage with, a number of potentially attractive assets. We are assessing a wide universe of assets across a number of sectors that we believe are commercially attractive. We remain committed to securing a compelling platform asset for Safe Harbour which meets our investment criteria and disciplined approach to valuation."
Shares in Safe Harbour were untraded in London on Thursday afternoon, last quoted at 132.50 pence each.