25th Sep 2013 12:52
LONDON (Alliance News) - Suretrack Monitoring PLC, a security systems company, Wednesday said pretax losses widened and revenues declined in its most recent full year, as it decided to jettison subsidiary IBP Limited.
In the year ended March 31, the company posted a pretax loss of GBP1.1 million, widened from GBP596,365 in the 14 months ended March 31 2012. The company posted revenues of GBP202,439, down from GBP944,977. Pretax losses were widened due to the provision for the impairment of the carrying value of its subsidiary IBP.
The company said that it had entered into a conditional agreement to dispose of its subsidiary IBP Limited after it decided that on-going losses at IBP were unsustainable. IBP made a loss of GBP70,115 in the year ended March 2013. Contract wins that had been previously announced have not come to fruition, the company said, which has led to weak forecast revenues.
The company says it intends to raise GBP250,00 through a proposed capital reorganisation, which it will use to implement a new investing policy.
"Whilst the outcome for the group over the last two years has been disappointing," Chairman Simon Barrell said in a statement, "I hope that the new investment in the business will enhance shareholder value in the future."
Shares in Suretrack Monitoring were trading down 21% at 0.0630 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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