Amirose loss widens from acquisition costs despite revenue rise

Amirose London Holdings PLC reported a rise in revenue and cash, though the bottom line was weakened by acquisition costs.

The contract manufacturing service provider in the personal care sector said pretax loss widened to £551,986 for the six months ended September 30 from £242,777 a year ago.

This was largely due to a £285,845 cost of reverse acquisition, as well as a surge in administrative expenses to £938,608 from £363,352.

In June, File Forge Technology PLC acquired Amirose London Ltd, changing its name to Amirose London Holdings.

Although Amirose London Holdings is the legal parent of the Group, Amirose London has been identified as the accounting acquirer, therefore the transaction has been accounted for as a reverse acquisition.

Revenue rose 40% to £7.2 million from £5.1 million, which the company attributed to improved sales performance.

Cash and cash equivalents leaped to £149,680 on September 30, from £11,023 a year ago.

Looking ahead, Amirose said it will improve efficiency and profitability through cost control and growing sales performance.

‘Against a backdrop of geopolitical uncertainty and shifting market dynamics, our resilience, adaptability, and strategic positioning underpin confidence in the group’s long-term prospects,’ said Aleksandra Binkowska, non-executive chair.

Shares in Aquis-listed Amirose stood at 1.85 pence on Monday morning in London.

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