LONDON (Alliance News) - Flying Brands Ltd Friday said its pretax loss widened in its last financial year as a result of the costly disposal of its freehold property at Retreat Farm in Jersey.
Flying Brands is yet to find a suitable opportunity since the sale of Retreat farm, but Chairman Michael Murphy said that the company will continue to review projects. The chairman said that Flying Brands could buy companies in whole or in part when it invests.
"The board, through its extensive network of contacts, hopes to identify potentially interesting investment opportunities, although formal discussions in respect of any of these opportunities have not yet commenced," Murphy said.
"The company may be either an active investor and acquire control of a single company or it may acquire non-controlling shareholdings. The proposed investments to be made by the company may be in either quoted or unquoted securities and made by direct acquisition of interest in companies, partnerships or joint ventures, or direct interests in projects and can be at any stage of development," Murphy said.
In a statement, the company said it made a GBP1.8 million pretax loss in the 52 weeks ended December 26, 2014, compared with a GBP1.3 million pretax loss in the 52 weeks ended December 27, 2013.
Revenue fell to GBP76,000 from GBP78,000, while operating expenses were down to GBP375,000 from GBP1.2 million. However, it booked a GBP1.4 million loss on the disposal of Retreat Farm.
Flying Brands sold Retreat Farm for GBP1.7 million in November 2014, although the asset's book value had been GBP3 million at the end of the company's 2013 financial year.
Flying Brands shares were down 3.6% at 2.00 pence on Friday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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