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Gledhow Investments PLC on Thursday said its loss reduced but so did its investments’ value, during ‘what proved to be a difficult year in the public markets’.
The London-based investment firm, which focuses on small to medium companies, said its pretax loss for the 12 months to September 30 was £285,740, compared with a £1.1 million loss the previous year.
Turnover fell to £974,578 from £1.0 million, although the cost of sales also fell to £1.2 million from £2.0 million.
However, ‘In what proved to be a difficult year in the public markets, the market value of the company‘s investments declined by £279,655,’ commented Managing Director Guy Miller.
Gledhow’s cash balance was £174,052 at September 30, slightly up from £111,937 at the same time one year prior. As of Thursday, Gledhow said its unaudited cash balance is approximately £280,000.
‘Whilst the directors continue to caution that there is a historically perceived lack of liquidity generally in Aquis Growth Market traded companies, since the financial year end, the company has managed to sell down some of the Aquis Growth Market portfolio,’ Miller said.
Gledhow stood by its investment strategy, aiming to achieve long-term capital growth outperforming the FTSE All Share Index through backing undervalued and fast-growing companies.
Gledhow shares were untraded at 0.475 on Thursday afternoon in London. They last traded at 0.50p on December 29.
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