19th May 2020 13:18
(Alliance News) - Summerway Capital PLC on Tuesday reported an improved first half outcome and said that it is continuing towards completing a reverse takeover.
For the six-month period to the end of February, the company posted a pretax loss of GBP86,730, narrowed from a loss of GBP114,766 reported for the comparative period the year prior.
Administrative expenses fell to GBP97,904 from GBP118,046. Finance income was GBP11,175, up from GBP3,280.
Looking ahead, Chair Alexander Anton said: "We continue to pursue our investment strategy since admission to trading. We receive a regular flow of potential acquisition opportunities and, whilst the Covid-19 pandemic has introduced a new and unforeseen element of uncertainty for business and financial markets thereby bringing fresh complexity to the acquisition process, we hope to report positive progress towards completion of our first transaction in the months ahead".
Summerway listed on the London Stock Exchange in October 2018, with the goal of acquiring businesses in the household and consumer goods sector with enterprise valuations of between GBP20 million and GBP100 million. It raised GBP6.1 million in its AIM float, issuing 6.1 million shares at 100 pence apiece.
Shares in the company were untraded on Tuesday afternoon in London, last quoted at 96.50 pence each.
By Ife Taiwo; [email protected]
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