(Alliance News) - Watchstone Group PLC on Wednesday said its annual loss in 2023 widened as a result of higher administrative expenses, which included legal costs relating to its claim against PricewaterhouseCoopers LLP.
The former insurance software provider, originally called Quindell said pretax loss widened to GBP7.1 million in 2023 from GBP40,000 the year before.
Administrative expenses were 47% higher at GBP7.5 million, compared to GBP5.1 million in 2022.
These primarily are legal costs, including GBP5.4 million for Watchstone's claim against PricewaterhouseCoopers.
The High Court dismissed Watchstone's claim, and while it sought permission to appeal, Watchstone was ordered to pay PwC's legal costs, as well as its own.
Other outstanding claims are against Aviva Canada, part of Aviva PLC, and against UK tax collector HMRC over the recovery of historic VAT.
Its claims against Aviva were discontinued in December.
The firm did not generate any revenue, unchanged from the year before.
Looking ahead, Watchstone said it looks to conclude the final litigation asset.
Shares in Watchstone were up 5.6% at 9.50 pence each on Aquis.
By Sabrina Penty, Alliance News reporter
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