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KRM22 PLC - London-based technology and software investment company - Revenue for six months to June 30 rises 28% to GBP2.3 million from GBP1.8 million on organic growth of 19%. Pretax loss narrows to GBP1.2 million from GBP4.4 million. Outlook for the second half positive with a broad engagement of prospects in Europe, Asia and North America. Cash and cash equivalents GBP800,000 at June 30.
In a separate statement, says it has entered into an agreement with funds managed by largest shareholder Kestrel Partners LLP for a new GBP3.0 million convertible loan facility. The new facility - which has a term of three years and interest rate of 9.5% per annum - will replace KRM22's existing debt facility provided by Harbert European Growth Capital Fund II. The balance of around GBP850,000 under the Harbert debt facility will be repaid early using the proceeds of the new facility.
Current stock price: 38.00 pence
Year-to-date change: down 28%
By Tapan Panchal; tapanpanchal@alliancenews.com
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