March 2018
2018 Annual Report
2018 Statements & Announcements,
Group Financial Information,
Interim & Annual Reports,
Investor Information,
This report relates to the audited results for the year ended 31 March 2018.
The year was another difficult trading period as the results show. However, I am pleased to report that at the end of the financial year a major financial restructuring of the Group was completed which materially changes our future prospects.
More details on the transaction are given later on in this report. The wholesale changes initiated in 2016 to address legacy issues were continued through the year and resulted in the sale of a number of non-core subsidiary businesses and assets.
As a result of these disposals, one-off restructuring costs, difficult trading conditions and the overhang of the Group’s investment contracts there has been a further 32% fall in net asset value to £12.2m (2017; £18.0m).
The trading loss from continuing operations over the period was £5.4m (2017; £5.8m) a disappointing result but not unexpected given the transition which the business has gone through over the year. This transition has resulted in…