Dukemount tumbles as progress 'not fast as hoped'

Real estate investor Dukemount Capital saw losses widen in its last financial year, however, the firm now considers itself to be working with "the right parties on the right properties".

Dukemount's losses widened 60% to £285,968 as a result of costs associated to the acquisition of its first property and the firm's flotation on the London Stock Exchange back in March 2017.

Dukemount, which floated with the aim of helping to "satisfy the large and increasing demand for long dated high yield investments from some of the world's largest financial institutions", has yet to record any revenue and admitted that its full-year growth had not been as rapid as hoped.

"The group has explored numerous opportunities during the year and whilst progress has not been as fast moving as we would have liked we do consider that we are now working with the right parties on the right properties and look forward to moving ahead with our first two projects and using this model as a blueprint for future developments," said chairman Geoffrey Dart.

Dukemount held cash and equivalents of £148,391 on 30 April.

As of 0920 BST, Dukemount shares had tumbled 17.53% to 0.40p.