23rd May 2025 11:55
(Alliance News) - Watchstone Group PLC on Friday said its loss narrowed during 2024, as the firm plans to delist from the Aquis Exchange following the resolution of its legal action.
Watchstone is a former insurance software provider originally called Quindell, and is now a cash shell.
Its pretax loss narrowed to GBP1.6 million in 2024 from GBP7.1 million in 2023, as administrative expenses were reduced to GBP1.6 million from GBP7.5 million.
Finance income for the year declined to GBP101,000 from GBP305,000.
During 2024, Watchstone was informed that the Upper Tier Tax Tribunal ruled in favour of HMRC in relation to Watchstone's claim for a repayment of historic tax paid. Watchstone lost its appeal in March 2025, and has decided not to seek permission to appeal to the Supreme Court.
In May 2025, Watchstone was party to a settlement at no cost to the firm in relation to a historic property lease.
Watchstone noted that, for the first time in over ten years, it is not currently pursuing or subject to any litigation.
"The matters pursued resolved and/or defended in 2024 and since the year end now bring the activities of Watchstone to a long-awaited end. It has been a complex and extensive restructuring with many twists and turns," said Chair Richard Rose and Chief Executive Officer Stefan Borson.
"We will now look to delist the company from Aquis in order to save further costs and to return the remaining assets of the group to shareholders whilst being open to discussions in respect of the remaining shell."
Shares in Watchstone were last publicly traded at 1.02 pence on the Aquis Stock Exchange on Wednesday in London.
By Emily Parsons, Alliance News reporter
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