20th Dec 2019 13:35
(Alliance News) - Investment company Vela Technologies PLC on Friday reported a narrowed interim loss in what it described as an "intense" financial year.
Vela is an investment firm focused on small and mid-sized companies in the UK and Europe that seek to profit from technology, hi-tech engineering or scientific advances. Vela has minority interests in 12 investee companies.
For the six months ended September 30, Vela's pretax loss narrowed slightly to GBP258,000 from GBP298,000 last year. The company did not generate any revenue during either period. Total administrative expenses amounted to GBP258,000 compared to GBP278,000 the year before.
Fair value on the company's investments came in at GBP2.1 million at September 30, down from GBP3.0 million at the same time last year.
"The first six months of the current financial year was a period of both intense activity for a number of our investee companies as well as a time where we have continued to consider several different corporate transactions, including approaches from third parties, on an informal basis, to utilise Vela as a reverse takeover vehicle. In addition, the board has also continued to review more substantial investments in both listed and unlisted companies," said Chair Nigel Brent Fitzpatrick said.
The stock was up 5.8% at 0.09 pence in London on Friday.
By Arvind Bhunjun; [email protected]
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