(Alliance News) - Abal Group PLC on Monday said its loss widened in its most recently ended financial year, as it continues to explore options in the fintech market.
The company in February said it sold all of its business and assets for an initial cash consideration of GBP1.3 million, together with the potential for further deferred consideration of up to GBP600,000, subject to achieving certain conditions.
Abal on Monday said the latest estimate for the amount of the deferred consideration is GBP40,000. As a result, the company said it has achieved a profit on disposal of the business of GBP900,000.
The AIM-listed cash shell said its pretax loss widened in the year to the end of March to GBP699,000 from GBP543,000 a year prior due to an increase in operating expenses. Abal did not generate any revenue in either year.
"In summary, from a financial viewpoint, the group has transformed successfully from a trading group that had been consuming all of its cash resources, to a cash shell still listed on AIM, and now, most recently, to a group considering an exciting new acquisition opportunity in the fintech space," Abal said in its statement Monday.
Abal shares were untraded in London on Monday morning, last closing at 0.85 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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