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 Group
2.25p
16:35 30/05/19
Financial Services
14,827.91
17:14 28/03/24
FTSE AIM All-Share
743.26
16:50 28/03/24
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.