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(Alliance News) - Iconic Labs PLC on Thursday posted a sizeable loss for the 18 months to June due to "legacy issues" after its transformation from a stem cell firm to a media and technology business.
The company intends to provide online marketing, content and technology products under its new name, having previously traded as Widecells Group PLC.
In the 18 months ended June 30, Iconic Labs posted a total pretax loss of GBP6.1 million. This included a GBP5.8 million loss on discontinued operations and a GBP307,952 continuing operations loss. In 2017 the company's pretax loss was GBP2.8 million. In all cases, this loss resulted almost entirely from administrative expenses.
The company made no revenue on its continuing operations, but recorded GBP21,081 of revenue on those operations it has discontinued. In 2017, revenue totalled GBP50,765.
Chair David Sefton said: "We have a team in place that has a track record of building social media focussed businesses. The implementation of the strategy has been slower than we anticipated, and we have been constrained by capital being diverted to legacy issues. However, I believe we have turned the corner and we ask that shareholders bear with us while we complete the final parts of the transition and move the company to where we and you want to go, that being a leading profitable new media and technology business."
Shares in iconic Labs closed up 1.4% at 0.074 pence in London on Thursday.
By Anna Farley; annafarley@alliancenews.com
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