Electric Guitar PLC on Friday said its loss widened in the first half as it incurred higher costs, largely due to its takeover of 3radical.

The firm reported that its pretax loss widened to £590,504 in the first half ended September 30, from £371,681 the year prior. The widening loss was a result of higher costs during the period, it said.

Electric Guitar was established in 2021 with the intention of acquiring a company in the digital media sector, with a particular focus on the digital advertising market.

During the period, the firm noted that admin expenses rose to £181,809, from £108,502, while it also saw exceptional expenses of £374,761 relating to its purchase of 3radical, and its re-listing on AIM.

Electric Guitar posted a loss per share of £1.02, widening from £0.64 previously. The company said its operating loss was £178,248, widening from £78,815.

The firm acquired 3radical in July via a reverse takeover.

Electric Guitar shares were unchanged at 2.00 pence each on Friday morning in London.

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