Craven House Capital PLC on Friday said its loss narrowed during its most recent financial year, as it also narrows its loss on the fair value of its investments.
The London-based investment fund with minority shareholding in four Swedish-managed e-commerce and pharmaceutical businesses said its pretax loss for the financial year that ended May 31 narrowed to $893,000 from $5.5 million last year.
This was due primarily to the loss from changes in fair value of investments narrowing to $621,000 from $5.3 million a year earlier.
The company’s loss per share reduced year-on-year to 23.11 US cents per share from 142.74 cents.
Acting Chair Mark Pajak said: ‘Positive progress was demonstrated during the year as the private companies in which Craven is a shareholder began to successfully execute their strategies of undertaking reverse take overs of publicly listed companies.’
Administrative expenses increased 5.7% to $197,000 from $186,000, while interest expense was up 14% to $75,000 from $65,000.
No dividends were declared for the year, unchanged from a year prior.
Shares in Craven House Capital were down 11% at $0.20 each in London on Friday afternoon.
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