Watchstone Group narrows first-half losses

16th Sep 2024 07:39

(Sharecast News) - Watchstone Group announced its results for the six months ended 30 June on Monday, reporting a substantial reduction in operating losses compared to the same period last year.

The company recorded an operating loss of £0.8m, a notable improvement from the £6.1m loss reported in the first half of 2023.

Group net assets were £5.8m as of 30 June, slightly decreasing from £6.5m at the end of December.

Cash and term deposits stood at £6.2m at the end of June, down from £7.3m on 31 December.

The board said the decrease in cash reserves was primarily due to a capital return of £3.7m executed in July.

Following the distribution, the group's cash balance was £1.9m as of 11 September.

Reporting by Josh White for Sharecast.com.