(Alliance News) - Vintana PLC on Thursday said it is seeking acquisitions following the disposal of its trading business.
The shell company, formerly known as Cellcast PLC, reported pretax loss of GBP962,234 for the six months to the end of June compared to GBP5,353 profit generated a year earlier. Revenue fell 4.0% to GBP5.5 million from GBP5.8 million year-on-year.
These half-yearly results include operations of Vitana's former trading subsidiary Cellcast, a television broadcaster and interactive media firm which was sold on September 6.
"These interim accounts confirm the difficult trading conditions experienced by Cellcast UK in 2018 continued into 2019 and underscore why the company sold its operating business to a management buyout team in September," explained Vintana Chair Mike Neville.
Looking head, Neville said: "Following completion of the disposal, we are now seeking to identify a suitable reverse takeover acquisition target."
Vintana shares were untraded on Thursday in London, last closing at 1.25 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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