28th Sep 2018 15:48
LONDON (Alliance News) - Wilmcote Holdings PLC on Friday reported a maiden annual loss of GBP13.2 million, reflecting due diligence costs incurred as it continues its stated strategy of acquiring downstream and specialty chemicals companies.
At the end of its financial year, June 30, Wilmcote had cash and cash equivalents of GBP19.4 million.
The investment company did not offer any comparatives for the prior year.
Wilmcote listed on AIM in August 2017 and has since explored "a number of opportunities", in particular the potential acquisition of Arysta LifeScience from Platform Specialty Products Corp.
Those "active discussions" ended in June but Wilmcote "continues to monitor the situation closely".
The investment company said it will not pay a dividend until it makes a platform acquisition or the directors believe it is "commercially prudent" to do so.
Chief Executive Officer Adrian Whitfield said: "There are a large number of attractive buy-and-build opportunities in the downstream and specialty chemicals sector and we remain very excited about our prospects of being able to execute our investment strategy to unlock the full potential of acquired assets. We believe that the company is well placed to progress identified opportunities in the year ahead."
Shares in Wilmcote were untraded Friday but last closed at 103.00 pence each.
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