LONDON (Alliance News) - Primorus Investments PLC on Friday said its loss narrowed in the first half of 2018 after it rebalanced its portfolio of investments.
The company said pretax loss narrowed in the six months to the end of June to GBP48,000 from GBP108,000 reported a year earlier, as revenue improved to GBP210,000 from GBP12,000.
Administrative costs, however, more than doubled to GBP258,000 from GBP100,000 year-on-year.
Total assets also grew during the period to GBP4.9 million from GBP2.5 million reported the year prior.
During the year, the company said it upped the investment in software company Engage Technology Partners Ltd after an increase in the customer list to 55 corporate users from 24 it had in the previous quarter.
Primorus also said it disposed a 10% interest in Horse Hill Developments Ltd at the end of February for GBP1 million. The company now holds 5% stake in the special purpose company that owns a 65% participating interest and operatorship of licences in the UK Weald Basin.
This sale was designed to increase Primorus cash reserves, rebalance its portfolio and reduce the expected cash calls from the 150 day extended flow test recently started at the HH-1 discovery well.
"During 2018 the portfolio continues to evolve and mature over time," said Chairman Jeremy Taylor-Firth. "We will continue to seek out further investments in line with the company's investing strategy."
Shares in Primorus were trading 1.4% lower on Friday at 0.17 pence each.
Primorus Inv. (PRIM)