(Alliance News) - Cash shell Hawkwing PLC on Tuesday said its loss narrowed in 2020 as it continues to access acquisition options.
The company said its pretax loss narrowed slightly to GBP340,000 in 2020 from GBP351,000 loss reported for 2019.
During the first half of 2020, the company reviewed its AIM listing and decided that a listing on the standard list and trading on the London Stock Exchange's main market would be more appropriate as a cash shell and will increase its ability to identify and complete an acquisition.
The move to the standard list was completed at the end of September 2020 and Hawkwing's balance sheet was strengthened with a fundraising of GBP1.3 million, before costs.
"Whilst maintaining our commitment to prudent cost control, we have been actively searching for acquisition targets and continue to assess a number of potential opportunities," said Senior Independent Non-Executive Director Keith Sadler.
"We are targeting businesses with the prospects of being profitable and cash generative across various sectors including digital marketing, medical applications, business and financial services," added Sadler.
Hawkwing shares were trading 2.9% lower in London on Tuesday at 6.67 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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