LONDON (Alliance News) - Auctus Growth PLC on Friday said its loss narrowed in the first half of the year as the company reigned in its expenses, but the company has yet to find a suitable investment.
Auctus said it has evaluated "a number of potential transactions" over the period as it continues its search for investments, but has thus far signed no formal agreements.
The company's pretax loss for the six months ended June 30 was GBP12,573, a 24% reduction from its GBP16,459 loss the year before. Its entire loss was attributed to operating expenses, both in its most recent half year and in 2017.
"Costs continue to be prudently monitored and are in line with the previously announced budget of GBP35,000 per annum. The directors continue to draw no fees from the company," said Auctus Chairman Malcolm Burne.
The company was formed to make an acquisition but has yet to identify a target. As such, it recorded no trading income for the period.
The company's net asset value fell 3.3% to 35.52 pence from 36.72p the prior year. Cash and cash equivalents were down 3.0% at GBP961,971 from GBP991,666 and liabilities increased 5.9% to GBP21,019 from GBP19,845.
"The board remains focused on delivering a transaction that brings both value and growth potential to the shareholders of Auctus Growth in the near term," said Burne.
"Further updates will be provided in due course in regard to the future plans for the company," he added.
Shares in Auctus Growth were untraded at 36.00 pence on Friday.