Craven House Capital PLC - London-based investment firm - Reports narrowed pretax loss of USD119,000 for the six months ended November 30, the first half of its financial year, compared to a USD5.7 million loss the year before. This follows a USD6.9 million hit from changes in fair value the year before that did not repeat, as well as a reduction in administrative expenses to USD119,000 from USD440,00 the prior year.
"We are confident that the impact of the Covid-19 pandemic has not impaired the prospects or therefore the valuation of these businesses since the time of acquisition. Their respective strategies, which include the online marketing and distribution of magazines, music and dietary supplements are, in fact, likely to benefit from the shift in consumer behaviour resulting from the pandemic. The development of each business remains at an early stage and we look forward to reporting on material developments within the portfolio as appropriate," says investment manager Desmond Holdings Ltd.
Current stock price: USD1.00; up 5.3% on Thursday
Year-to-date change: up from USD0.41
By Anna Farley; annafarley@alliancenews.com
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Craven House Capital (CRV)