ViaLogy revenue falls, proposes acquisition of health group

Hydrocarbon technology developer ViaLogy saw its shares dive on Friday after the group posted significantly reduced annual revenue and unveiled proposals to acquire biotechnology group Premaitha Health.In the year ended March 31st, turnover fell to £62.1m from £257.7m, although the impairment of goodwill and fixed assets maintained losses at £4.93m, down only marginally on £4.96m the prior year. Losses per share fell from 0.506p to 0.245p.The group's finance income for the year was £1.3m, compared to £2m in 2013. The group disappointed investors with the news that its oil and gas services business was taking longer than anticipated to secure a suitable partner for ViaLogy Energy Company (VEC), in which it has a 75% stake. In order to allow VEC's founder, Sandeep Gulati, to focus on the US assets, he has resigned from the main board of the company. He is continuing to various avenues in an effort to locate a partner for the business. Shares had slumped 13.71% to 0.15p by 15:28.NR