8th May 2018 11:11
LONDON (Alliance News) - Investment firm Yolo Leisure & Technology PLC said on Tuesday it swung to a loss for its first half due to an unrealised loss on remeasurement of investments to fair value after a gain a year earlier.
Shares in Yolo were up 16% on Tuesday at a price of 5.49 pence each.
Yolo's pretax loss for the six months to March was GBP163,547, compared to a pretax profit of GBP62,053 the year before.
This comes after an unrealised loss on fair value remeasurement of GBP26,635 for the period compared to a gain of GBP178,121 a year earlier.
Yolo has five investments: pay-TV platform TVPlayer, software-as-a-service firm Simplestream, music technology business Magic Media Works Ltd, as we as two London-quoted companies, Gfinity PLC and Audioboom PLC.
TVPlayer, Yolo said, has strengthened its management team during the period with new executives, while Simplestream has increased revenue 40% year-on-year during the period.
Yolo said Magic Media has had market success on TV shopping channels and in live retail, and is now expanding its marketing campaign on mainstream TV in both the UK and the US.
Looking at the listed investments, Yolo said GFinity has made significant progress so far in 2018, while Audioboom had increased users of its platforms by 40% year-on-year in February.
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