30th Sep 2014 15:22
LONDON (Alliance News) - Sarossa PLC Tuesday said its pretax profit increased by about GBP3.1 million to GBP3.7 million in its last financial year, as it reported a GBP1.8 million gain on portfolio investments and an exceptional release of a legacy biotechnology provision of GBP1.6 million.
In a statement for the year ended June 30, Sarossa said it also made a GBP680,000 gain on a derivative trading asset.
Administrative expenses increased to GBP333,000 from GBP310,000.
"We remain committed to deliver 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. We are confident that this approach will enable us to build considerable value for shareholders going forward," Chairman Michael Bretherton said in a statement.
Antioma PLC changes its name to Sarossa Capital PLC in November 2013 because it no longer had operations in biotechnology development. It is now an investment and management company. Sarossa Capital subsequently restructured into a Jersey, Channel Islands-based group. Under this arrangement, the former parent company became a subsidiary of a new Jersey holding company, Sarossa PLC. It was admitted to AIM on May 2.
Sarossa shares were late Tuesday quoted up 3.6% at 1.75 pence.
By Samuel Agini; [email protected]; @samuelagini
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