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Adams PLC on Thursday reported an annual loss due to ‘difficult’ financial market conditions.
Adams is an Isle of Man-based technology and life sciences investor.
Shares were down 16% at 5.02 pence each on Thursday afternoon in London.
For the year ended March 31, Adams swung to a pretax loss of £1.7 million from a profit of £3.1 million a year ago. Administrative expenses increased by 4.6% to £160,000 compared to £153,000.
‘The reduction in profitability reflects difficult financial market conditions and is principally due to investment return losses of £1.6 million compared to investment return gains of £3.2 million in the previous year,’ the company explained.
As at March 31, the company's net assets amounted to £7.5 million, compared to £5.2 million a year ago. Net assets per share stood at 5.13 pence at March 31 based on 145.9 million shares. This is compared to 6.24 pence based on 82.5 million shares a year ago.
Chair Michael Bretheton said: ‘In view of these uncertainties and economic threats, your board will continue to maintain a rigorous and highly selective investment approach which is committed to delivering additional value for shareholders going forward. We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio.’
The company said cash at March 31 stood at £871,000, up from £49,000 the same date the prior year.
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