30th Jul 2019 17:46
(Alliance News) - Property investor and developer Vordere PLC said its pretax loss fell and its revenue rose in its recently ended financial year and it will seek re-admission of its shares to the London Stock Exchange.
In its financial year ended March 31, the company narrowed its pretax loss to GBP2.6 million from GBP4.1 million the year before. Revenue was GBP174,268, up from GBP6,247 year-on-year.
The company reclassified its development property as investment property. The value of its investment property at the year-end was GBP15.6 million, 2.5% lower than last year's development property value of GBP16.0 million.
Total asset value fell 9.3% year-on-year to GBP24.2 million from GBP26.6 million.
The company said its strategy for the remainder of the calendar year is to expand its portfolio with more acquisitions in the "low volatility markets of Germany". Since the end of its financial year, the company acquired six properties in Germany for a total purchase price of EUR59.3 million.
Vordere said, however, that political instability in North America and Europe, military issues in Asia and rising commodity prices could hurt the company's "continued growth".
Earlier in the month, the company allotted 277.9 million new shares and was seeking regulatory approval for the shares to be traded on the London Stock Exchange's main market for listed securities.
A day later, the company requested for trading of its shares to be suspended so it could "assess accurately its financial position". Vordere will now seek regulatory approval for its shares, including the 277.9 million allotted shares, to be admitted for trading.
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