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Investment group Summerway Capital booked a first-half loss, owing operating expenses, payments to executives and one-off costs for a share placement.
Net losses for the six months through February amounted to £0.22 million, compared to year-on-year losses of £0.09 million.
Summerway held around £7.0 million cash at the end of March.
'The group continues to pursue its recently approved investment strategy and has an active pipeline of investment and acquisition opportunities, which are currently under assessment,' chairman Vin Murria said.
'As a board, we remain encouraged about the opportunity for securing the group's inaugural transaction, and we look forward to updating shareholders on progress in due course.'
At 9:03am: (LON:SWC) share price was 0p at 85p