(Alliance News) - Vertu Capital Ltd on Friday said its loss narrowed somewhat in the first half of the year on operating expenses and it has yet to find a suitable acquisition target.
Vertu Capital's pretax loss for the six months ended June 30 was GBP65,520, shrinking from GBP76,960 a year before. This entire loss consisted of operating expenses, as Vertu Capital makes no revenue.
The company, which was created in 2014 to acquire a target company in the financial services sector, said cash on June 30 stood at GBP386,229.
Non-Executive Chair Kiat Wai Du said: "In the past year, the company had explored several preliminary proposals as potential acquisition targets but none seemed feasible for further considerations and as such the company is actively looking to identify other suitable target companies or businesses.
"I look forward to seeing better progress with the potential target acquisitions in the next few months with gratitude to our shareholders, for their continued support."
Shares in Vertu were untraded on Friday morning, last trading at 0.70 pence.