LONDON (Alliance News) - Kennedy Ventures PLC Monday reported a smaller loss for the first half of its financial year as it cut administrative expenses, but said the costs were still too high and will be materially lower in the second half of the year.
Kennedy, which is now an investment company, doesn't currently make any revenues so its loss of GBP60,000 for the six months to end-December, 2013, was entirely down to administration expenses. The loss a year earlier was GBP102,000.
"During the half-year now under review, Kennedy's costs were materially reduced compared to those incurred in the previous two half-year periods but remained too high for a company of its size. Costs in the current trading period should be materially lower," Chairman Peter Redmond said in a statement.
Kennedy Ventures shares were up 4.9% at 1.6 pence Monday morning,
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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