Eight Peaks swings to a loss in first half following name change

London-listed investment firm Eight Peaks swung to a loss in the first half of its trading year on the back of declining investment gains and heightened admin expenses.

Eight Peaks, which until recently was known as Legendary Investments, turned in a pre-tax loss of £273,000 for the six months ended 30 September - a marked turnaround from the £248,000 profit recorded just twelve months earlier.

Net gain on fair value investments crashed 99.5% to £2,000 as a result of a reduction in the value of Amedeo Resources and exchange rate movements over at IBS offsetting an improved showing from Medgold Resource.

Admin costs rose 27.8% to £216,000 related to a share consolidation and subdivision, its name change, and payroll-related charges.

As of 1540 GMT, Eight Peaks shares had tumbled 14.23% to 9.22p.