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LONDON - Sorted Group Holdings plc (AIM:SORT) reported a 15.54% decrease in revenue to £5.64 million for the year ended December 31, 2024, compared to £6.67 million in the 15-month period ended December 31, 2023, according to a press release issued Friday.
The delivery technology provider reduced its operating loss before exceptional administrative expenses, amortization and depreciation to £1.11 million in 2024, down from £7.95 million in the previous period. Loss per share from continuing operations decreased to 0.5215p from 2.3649p.
The company’s financial position improved with net assets of £1.42 million at year-end, compared to a net liability of £573,523 in 2023. Cash and cash equivalents increased to £2.66 million from £408,479, while borrowings rose to £4.46 million from £2.81 million.
Sorted also announced a variation to its facility with Shard Credit Partners Venture Debt I Sarl, a substantial shareholder. Starting June 30, if the company opts not to pay quarterly accrued interest in cash, it will be required to pay that quarter’s interest at an increased rate of 18%, payable at the facility’s maturity date in August 2027.
The company’s directors, after consulting with nominated adviser Allenby Capital Limited, consider the facility variation "fair and reasonable" for shareholders. Sorted has posted its annual report and accounts to shareholders.
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