LONDON (Alliance News) - Kennedy Ventures PLC Friday said its pretax loss slightly widened during the last financial year.
For the year ended June 30, the company's pretax loss widened to GBP186,000 from GBP139,000 in 2013. The wider loss is a result of a GBP55,000 impairment of sales investments during the year.
The company does not generate any revenue, and administration costs during the period reduced slightly, totalling GBP131,000 from GBP133,000 a year earlier.
At the end of the financial year, the company reported a cash balance of GBP531,000.
"The board has carried out a review of the two unquoted investments held by the company at the year end and has taken the view that, while some recovery in value may be possible in the future, it is prudent, in view of the uncertainties regarding the future of one of the companies concerned, to make a full provision against one of these unquoted investments. Furthermore, following the year end, the company disposed of the other unquoted investment at cost," it said in a statement.
"The shape and performance of the company will be substantially different in the future as we build upon the initial tantalite acquisition, utilising wide ranging international financing options to create significant value for shareholders in a fully integrated business," said Chairman Giles Clarke.
Kennedy Venture shares were up 6.5% to 3.06 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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