LONDON (Alliance News) - Vela Technologies PLC on Thursday said its loss widened in its financial year 2018 following a reduction in value of its investments.
The investment company said its pretax loss widened in the year to the end of March to GBP160,000 from GBP72,000 reported a year earlier, as it reported no revenue versus GBP7,000.
Vela Tech said its results were hurt by a decline in value of its investments, which fell to GBP2.8 million from GBP3.5 million in 2017.
During the period the company said it was considering a large number of new investment opportunities, which did not lead to any agreements. As a result, Vela said it is now expanding its efforts to include seeking opportunities within UK publicly listed companies.
Shares in Vela Tech were down 15% on Thursday at 0.26 pence each.
Vela Technologies (VELA)