LONDON (Alliance News) - IPSA Group PLC on Thursday reported a narrowed pretax loss in its recent financial year, although revenue fell.
The power plant developer said its pretax loss in the 12 months ended March 31 narrowed to GBP558,000 from GBP6.9 million the year before, despite revenue falling to GBP2.5 million from GBP3.6 million.
The loss was narrowed due to a GBP1.2 million reversal of an impairment IPSA booked the prior year, which had totalled GBP5.1 million. Revenue was hit after IPSA disposed of its only operating company Newcastle Cogeneration Pty Ltd in February.
"The company is now focusing its attentions on the sale of the balance of plant equipment held for sale in Italy and in finding a suitable reverse merger partner to maintain the quotations in London and Johannesburg," Chairman Susan Laker said in a statement.
Shares in IPSA were untraded on Thursday, last quoted at 1.50 pence.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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