24th Mar 2016 11:13
LONDON (Alliance News) - YOLO Leisure & Technology Group PLC Thursday said its loss was narrower in 2015, the year it invested in three companies, some of which are also listed on AIM.
The investment company focused on the leisure and technology sectors reported a GBP244,920 pretax loss in the year to the end of September, shrinking from the GBP638,130 loss the year before thanks to a reduction in administrative expenses and small financial gains elsewhere.
YOLO converted into an investment company during the year by investing in three businesses, two of which are listed on AIM.
London-listed Gfinity PLC, an end to end eSports company that is trying to push computer gaming in the UK to a professional level, received a GBP364,650 investment from YOLO in the year, giving the company a 2.75% stake.
YOLO also ploughed GBP275,654 into AudioBoom PLC, a London-listed firm providing audio software. YOLO did not state what stake it holds in the company, but the 3.5 million AudioBoom shares suggest it owns around a 0.65% stake.
The last company to secure investment from YOLO in 2015 is Simplestream Ltd, a company focused around a cloud-based video platform. YOLO invested GBP550,000 into the company to take a 5.1% stake in the firm. However, since the start of 2016, YOLO has invested further in Simplestream through a convertible loan note.
"We recognise that our three current investments are continuing to execute their strategic and growth plans to monetise and engage their content and users and build on the impressive foundations that have been laid. We will continue to pursue and evaluate opportunities that meet our investment criteria," said Chairman Simon Robinson.
YOLO shares were down 12% to 1.16 pence per share on Thursday.
By Joshua Warner; [email protected]; @JoshAlliance
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