LONDON (Alliance News) - Auctus Growth PLC on Friday said it continues to evaluating "exciting" potential acquisition opportunities, while in the meantime continuing to "prudently manage" cash reserves.
The company's loss before and after tax widened to GBP189,219 in 2015, from GBP39,650 in 2014, mainly a result of deal costs in relation to deciding against the reverse takeover of a social media platform in August.
Auctus has suspended payment of all fees due to its directors until further notice, Chairman Malcolm Burne said in a statement. As a result of this and other cost saving initiatives, he said, the annualised operating expenses, excluding transaction costs, have been reduced to under GBP35,000 based on current estimates.
Shares in Auctus were down 5.6% at 42.00 pence Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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