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Vela Technologies reports H1 loss

Friday, 28th December 2018
Technology company investor Vela Technologies reported a loss of £298,000 for the six months ending 30 September, which compares with a profit of £184,000 in the same period in 2017.

The company held net assets of £2.370m as at 30 September, compared with £3.153m a year earlier, with investments valued at £3.034m (£3.469m a year earlier). Its cash balance was also down year on year at £262,000 versus £526,000 for the same period in 2017.

As of Thursday, Vela had minority interests in 12 investee companies.

The company said it had considered a number of new investment opportunities in the period, but was unable to progress towards completing an investment mainly due to the valuations expected by the new companies. However, as global stock markets have dropped sharply, there are signs that valuations were becoming "a little more realistic", the company said.

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