30th Aug 2019 09:46
(Alliance News) - Two Shields Investments PLC on Friday said it is now "in a position to capitalise" despite its loss widening in its most recently ended financial year.
The stock was trading 19% lower on Friday morning in London at 0.12 pence a share.
The AIM-listed investment company said its pretax loss widened to GBP2.6 million in the year to the end of March compared to the GBP768,851 reported a year before, as revenue dropped to GBP262,000 from GBP2.6 million.
Two Shields said it recorded a loss on the disposal of financial assets at fair value of GBP691,428 and an impairment charge of GBP820,503. No such losses were reported in financial 2018.
"Following the completion of our strategic review, we continue to implement our strategy of focusing on rapidly growing, disruptive markets including social e-commerce and cyber security," said Chair Andrew Lawley.
This strategic review included the change of name to Two Shields in April 2018 and the transition of the company's portfolio of assets to reflect it's strategic direction.
"With the changes made throughout the company in 2018, the board believes that Two Shields is now in a position to capitalise on the carefully laid foundations and execute on its investment strategy to recreate value for shareholders," added Lawley.
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