(Alliance News) - Adams PLC on Thursday reported a swing to a profit as it made a gain on investments, but remained cautious in its outlook due to ongoing conflicts in Gaza and Ukraine.
The Isle of Man-based technology and life sciences investor said it swung to a pretax profit of GBP292,000 from a loss of GBP1.0 million a year prior.
The company said it turned to a gain on investments of GBP348,000 from a loss of GBP947,000.
Administrative expenses increased 17% to GBP96,000 from GBP82,000.
Looking ahead, Chair Michael Bretherton expects continued volatility due to ongoing conflicts in Gaza and Ukraine, alongside continued trade tensions between the US and China.
"In addition, whilst the global economy proved more resilient than expected in the first half of 2023, the overall growth outlook in the coming year remains weak and is weighed down by still high inflation and interest rates which may remain higher for longer. Growth forecasts for 2024 are generally strongest in emerging Asian economies, and weakest in Europe and the US," Bretherton said.
Adams shares were flat at 3.00 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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Adams (ADA)