1st Aug 2019 13:29
(Alliance News) - Stranger Holdings PLC on Thursday expressed confidence for the future and said its loss was broadly unchanged in its most recently ended financial year.
The investment company said its pretax loss remained broadly flat in the year to the end of March, at GBP816,000 compared to GBP821,000 a year earlier.
Stranger recorded a 9.2% decline in administrative expenses to GBP503,000, whilst finance costs jumped to GBP267,000 from just GBP21,000 year-on-year.
During the period, the company faced issues with Alchemy Utilities Ltd and was seeking legal advise after the reverse takeover had refused to provide audited accounts to Stranger as requested for "some months" in order to progress the deal. Stranger is currently in talks with its legal advisers about action to be taken to get back the GBP290,000 loan handed to Alchemy as well as GBP150,000 in costs, representing Alchemy's shares of the costs of the proposed transaction, which now has halted and been replaced by another.
In April, Stranger agreed to buy HCS (North East) Ltd in shares, with the acquisition, if completed, resulting in Stranger shareholders having a minority interest in the enlarged group, meaning it also will be a reverse takeover.
"The directors look forward with confidence to a bright future for the combined group and we very much look forward to working with the directors of HCS," said Director James Longley.
Stranger shares were untraded on Thursday in London, last closing at 1.25 pence each.
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