(Alliance News) - Adams PLC on Thursday reported an annual loss due to "difficult" financial market conditions.
Adams is an Isle of Man-based technology and life sciences investor.
Shares were down 16% at 5.02 pence each on Thursday afternoon in London.
For the year ended March 31, Adams swung to a pretax loss of GBP1.7 million from a profit of GBP3.1 million a year ago. Administrative expenses increased by 4.6% to GBP160,000 compared to GBP153,000.
"The reduction in profitability reflects difficult financial market conditions and is principally due to investment return losses of GBP1.6 million compared to investment return gains of GBP3.2 million in the previous year," the company explained.
As at March 31, the company's net assets amounted to GBP7.5 million, compared to GBP5.2 million a year ago. Net assets per share stood at 5.13 pence at March 31 based on 145.9 million shares. This is compared to 6.24 pence based on 82.5 million shares a year ago.
Chair Michael Bretheton said: "In view of these uncertainties and economic threats, your board will continue to maintain a rigorous and highly selective investment approach which is committed to delivering additional value for shareholders going forward. We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio."
The company said cash at March 31 stood at GBP871,000, up from GBP49,000 the same date the prior year.
By Xindi Wei; xindiwei@alliancenews.com
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Adams (ADA)