(Alliance News) - Primorus Investments PLC on Friday reported a widened annual loss but noted a sharp share price rise in investee Greatland Gold PLC.
In 2019, Primorus incurred a pretax loss of GBP401,000, stretched from just GBP4,000 in 2018. This was on the non-repeat of a GBP985,000 gain on a disposal.
The company's net assets fell 7.8% to GBP4.8 million from GBP5.2 million.
Primorus shares were trading 4.3% higher at 3.08 pence each in London on Friday afternoon.
Primorus noted that Greatland's Gold share price has soared since its initial investment, following "spectacular" drill results at the Havieron gold asset in Australia.
Greatland Gold was 2.1% higher at 8.68p on Friday. The stock started 2020 at just 1.83p.
Primorus said: "We have achieved a lot in the year, including further investment exits, the construction of a better-balanced and growing portfolio of listed and private investments. We have also gone through the year without any need to raise further capital and therefore have issued no new shares.
"All of this in the face of several difficult macro-economic events, unprecedented political uncertainty during Brexit and parliamentary elections in the UK and the COVID-19 crisis. That being said, and despite significant efforts, we believe there is still much further upside to be reflected in the price of our shares."
By Eric Cunha; ericcunha@alliancenews.com
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Greatland Gold (GGP)
Primorus Inv. (PRIM)