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45.50 0.00 (0.00%)

Bid:

44.00

Ask:

47.00

Spread: 3.00 (6.818%)

Market Cap: £10.75m

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React Group Makes Loss In First Months Since Reverse Takeover

Wed, 23rd Mar 2016 09:56

LONDON (Alliance News) - React Group PLC on Wednesday posted a loss for its first months as a public company, mostly as a result of costs related to its listing on AIM.

React, which provides deep cleaning and emergency decontamination services, said it made a pretax loss of GBP1.2 million for the period from June 24 to September 30, 2015. Revenue for the period was GBP704,000, but this was wiped out by cost of sales and operating expenses and pushed into the red by listing-related costs.

React entered AIM in August 2015 after reversing into Verdes Management PLC, an investment company.

In February, the company said its React Environmental Services Ltd subsidiary has secured a full asbestos removal licence, allowing it to offer new services to its clients.

"Following the re-admission to AIM and the acquisition of the two new subsidiaries, we are now working with a number of new clients that will be generating the growth in sales for all businesses in the group going forward," said Chief Executive Grahame Rummery.

React shares were down 10% to 1.37 pence.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance