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LONDON (Alliance News) - Shares in Dukemount Capital PLC fell on Friday as the company posted a widened annual loss after making its first acquisition.
Shares were trading down 12% at 0.43 pence each.
For the year to April 30, the company posted a pretax loss of GBP285,968 compared to GBP177,149 a year ago. The loss was due to the cost of its activities which included pursuing transactions, acquiring its first property, and maintaining its listing on the Official List of the UK Listing Authority, the company explained.
Dukemount was created to acquire, develop and manage a property portfolio specialising in the supported living and hotels sectors, therefore it did not make any revenue.
Dukemount added that it expects to generate a GBP234,000 income per year from a redevelopment project acquired last September through its subsidiary DKE Ltd.
"The group has explored numerous opportunities during the year and whilst progress has not been as fast moving as we would have liked we do consider that we are now working with the right parties on the right properties and look forward to moving ahead with our first two projects and using this model as a blueprint for future developments," Chairman Geoffrey Dart said.