23rd Dec 2015 12:20
LONDON (Alliance News) - Vela Technologies PLC said Wednesday it continues to seek out "quality investments" in the disruptive technology sector as it reported a flat pretax loss for its first half.
For the half year to end-September, Vela reported a pretax loss of GBP92,000, in line with the pretax loss of GBP90,000 it reported a year before, as slightly higher administrative expenses were offset by revenue of GBP4,000. Vela posted no revenue in the previous year.
During the period, Vela made one new investment, investing GBP50,000 in Revolve Performance Ltd, a performance engineering group that owns the brand Mountune. Mountune products are used by consumers and racing teams to enhance engine performance, Vela said.
Towards the end of the half year, Vela raised GBP250,000 in a share placing, from which it invested GBP175,000 in Blockchain Tech Ltd in November.
Shares in Vela were up 4.7% at 0.199 pence Wednesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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