Zegona Communications PLC said on Tuesday its annual loss narrowed following efforts to reduce operating costs.

The London-based company focused on communications and entertainment opportunities said its pretax loss in 2022 narrowed to €3.3 million from €34.3 million in 2021.

Zegona said its management team ‘eliminated expenditure where possible’ during 2022 to ensure its corporate operation costs were reduced. The company’s corporate costs were down by 28% to €3.3 million from €4.6 million the year prior.

The company made no revenue for 2022.

In accordance to its policy, Zegona did not declare a dividend for 2022, and said it does not plan to pay one until it owns a material operating asset, compared to last year in which a dividend of 4.8 pence per share was declared.

Looking ahead, Zegona said it expects ongoing corporate operations to reduce by approximately 10% in 2023, compared to 30% to 35% in 2022.

Despite not making any new acquisitions in 2022, the company said it has chosen to stay ‘patient and disciplined’ as it expects ‘more attractive’ opportunities to come in 2023.

Chair Eamonn O’Hare said: ‘While we are not yet in a position to announce a new acquisition, we are currently actively working on a short-list of opportunities which we believe offer significant upside potential’.

Shares were up 0.9% at 54.00 pence in London on Tuesday afternoon.

Copyright 2023 Alliance News Ltd. All Rights Reserved.