LONDON (Alliance News) - Global Brands S.A, which sells Domino's Pizza products in Switzerland, narrowed pretax losses as it moved to a new investing policy and curbed administrative costs.
For the half-year ending June 30, the company posted a pretax loss of GBP120,375, narrowed from GBP167,809 the previous year. Administrative costs were lowered to GBP99,000 from GBP149,000 including costs from its extraordinary general meeting in March. The company had one-off revenues from trading investments of GBP45,062.
The company said that its three directors, John Killer, Fiona Kinghorn and Bruce Vanenberg will be paid GBP1,000 a month, and in order to conserve cash these fees will be accrued and settled in shares every six months.
The company adopted a new investing policy following its extraordinary general meeting, including acquiring Gas Exploration Finance Limited and investment in UK Methane Limited. The company raised GBP280,000 by placing new shares on March 18.
"The board is working hard to minimise costs whilst it continues to explore investment opportunities in line with its strategy," said Chief Executive Officer, Bruce Vandenberg, in a statement. "We believe we are making progress and hope to make further announcements within the next few months."
The company's shares were trading down 7.0% at 0.330 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
