25th Sep 2015 08:00
LONDON (Alliance News) - AIM-listed investing company Sarossa PLC on Friday posted a lower pretax profit for the year to the end of June due to gains it made last year not repeating, though it made a bigger gain on its portfolio investments in the year.
Sarossa said it made a pretax profit of GBP2.7 million in the year to June 30, down from GBP3.7 million a year earlier, due almost entirely the GBP1.6 million gain it made last year on the release of a legacy biotechnology provision not repeating.
The company made a GBP3.0 million gain on its portfolio investments in the year, up from GBP1.8 million a year earlier, and said its portfolio investments were valued at GBP12.8 million at the end of June, up from GBP10.6 million.
"The board remains committed to delivering additional value for our shareholders and will continue to maintain a rigorous and highly selective investment approach with a view to exploiting opportunities as they emerge," said Chairman Michael Bretherton.
Sarossa shares were untraded early Friday, having last traded at 1.77 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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