LONDON (Alliance News) – Gunsynd PLC on Thursday said it swung to a annual pretax profit due to gains from disposals of investments and uplift in valuation of existing investments.
The investment company, which was formerly called formerly Evocutis PLC, recorded pretax profit of GBP492,000 for the year ended July 31, compared with a pretax loss of GBP564,000 in the year ago period. Disposal gains totaled GBP408,000, while revaluation gains amounted to GBP417,000 in the year.
In the 2016 financial year, the company didn’t record any gains from disposal and its investments had a negative valuation of GBP54,000.
“Whilst unfortunately not yet reflected in the share price Gunsynd is in a far better shape than it was this time last year. This, however, is merely the start. We intend to be very active in the next twelve months,” the company said.
Shares in the company were trading 23% higher at 0.04 pence on Thursday afternoon.
By Tapan Panchal; firstname.lastname@example.org
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