Truetide pre-tax loss narrows sharply

(Sharecast News) - Truetide said on Wednesday that its full-year pre-tax loss narrowed sharply as costs were reduced and portfolio disposals generated gains, while the investment company highlighted progress across several holdings. The AIM-traded company reported a loss before tax of £0.43m for the year ended 31 March, compared with a £1.09m loss a year earlier, while loss per share narrowed to 0.56p from 1.71p.

Revenue fell to £14,000 from £21,000, but the group recorded a £115,000 profit on investment disposals and ended the year with net assets of £2.22m and cash of £151,000.

Truetide said the market value of its listed holdings was £2.89m at the date of the report, equivalent to 3.7p per share, excluding any value for Paraytec, which remained carried at nil.

Chief executive Trevor Brown said Paraytec's "renaissance" across three development programmes, alongside progress at Autins, Imaging Biometrics and other holdings, offered the potential for "a meaningful enhancement in shareholder value".

At 1009 BST, shares in Truetide were down 4.11% at 3.5p.

Reporting by Josh White for Sharecast.com.

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