Northwest Investments goes nowhere six years after listing

(ShareCast News) - Six years after raising £3m and listing on AIM, Northwest Investment Group still had nil revenue to show the market in its final results for the 2015 calendar year on Wednesday.The firm said since its admission on 9 June 2010, it has been working to identify high value investment targets in the hydropower market in Western China in accordance with its investing policy."Since admission to AIM, we have dedicated ourselves to make a sizeable acquisition and have engaged with numerous people and organisations in order to acquire or invest in hydropower projects," the company's board said in its report."During the first half of 2015, we closely examined more than three projects for possible investment and as part of this, in early 2015, we started a due diligence exercise on one particular energy project."However negotiations over this project were suspended due to communication issues encountered in the preparation of documentation," it explained.Northwest said that at the same time there was a strong performance in the Chinese stock market in the first half of 2015, which weakened the motivation of the hydropower companies which had been looking to raise funds in London through a combination with the company."Despite these continued setbacks, the board continues its endeavours to select and search for high-quality assets to be injected into Northwest Investment Group."In the second half of 2015 the company broadened its search to look at other clean energy projects, however it has not yet concluded a transaction, which it blamed on the "current financial environment".Northwest's administrative expenses for the year totalled £308,000, which was the extent of its financial statement, giving a basic and diluted loss per share of 0.23p, equal to 2014's performance.