LONDON (Alliance News) - Adams PLC Wednesday reported a widened pretax loss for its most recently ended financial year, as tough financial markets hit the carrying values of its quoted investments.
Adams is an investing company focused on the technology and life science sectors.
The company said that "adverse conditions" in financial markets had hit the carrying value of its investments, meaning it only generated a positive gross investment return of EUR30,000 in the year to end-March, compared to EUR172,000 the year before.
It reported a pretax loss of EUR234,000, widened from a pretax loss of EUR25,000 the year before, compounded by a foreign exchange loss of EUR45,000.
During the year Adams invested EUR1.0 million in five AIM listed technology businesses, one of these investments was subsequently sold.
Adams currently has an interest in four investments, GVC Holdings PLC, Oxford Pharmascience Group PLC, Imagination Technologies Group PLC and Communisis PLC.
"The board remains committed to delivering additional value for our shareholders and will continue to maintain a rigorous and highly selective investment approach with a view to exploiting opportunities as they emerge," said Chairman Michael Bretherton in a statement.
Shares in Adams were untraded Wednesday morning. They last closed at 0.0820 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Adams (ADA)
