2nd Sep 2015 14:00
LONDON (Alliance News) - Vela Technologies PLC Wednesday reported a wider pretax loss in its last financial year as it invested further into its portfolio.
The investing company said it made a GBP303,000 pretax loss in the year ended March 31, wider than the GBP163,000 loss it made the year before.
Vela made further investments into its portfolio, including GBP150,000 in online airport luggage transfer service Portr Ltd and GBP100,000 in online retail/social media platform The Social Superstore Ltd. Its portfolio also includes AIM-listed companies 3Legs Resources PLC, Rosslyn Data Technologies PLC, and Imaginatik PLC. Late in August it raised GBP250,000 in a placing with the intention of investing in technology company Blockchain Tech Ltd.
Revenue rose to GBP8,000 in its last financial year, up from GBP4,000 previously. Administrative expenses were the main reason for the loss incurred in the period, up to GBP311,000 from GBP167,000 as a result of share-based payments and higher general expenses.
"During this last financial year the board were able to announce positive news from within our portfolio as some of our investee companies started to demonstrate that their potential value is materially higher than the value at the time of our investment. This has continued into the current year, with more valuation events from within the portfolio," Chairman Brent Fitzpatrick said in a statement.
"We look forward to updating shareholders further in due course. In the meantime, based either on valuation events or the market value of portfolio investments, the board of Vela believes the value of the underlying portfolio is significantly higher than the value attributed by the market to Vela at this current time," he added.
Shares in Vela were trading down 9.3% at 0.195 pence Wednesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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