IN BRIEF: Adalan Ventures reports narrowed loss, rising debt in 2024
Adalan Ventures PLC - Russia-focused fintech company, formerly known as Zaim Credit Systems PLC - Reports a pretax loss of £396,636 for 2024, narrowing from £442,336 a year earlier. Lower costs drive this improvement, as staff costs fall 19% to £184,536 from £227,459. Operating expenses edge 2.2% lower to £212,100 from £216,877. However, net debt rises 69% during the year to £971,467 from £574,831. For the year ended December 31 2024, the company’s directors warned that it was ‘dependant on the success of future fundraising in order to meet its liabilities as they fall due.’
Earlier this year, Adalan Ventures reported further progress toward its reverse takeover of Topos Network Pte. Adalan in late 2023 said it had reached non-binding agreements for the reverse takeover of Milan-based Re-Lender Spa and Singapore-based Topos. In October, it said Topos had entered a modified form of the term sheet signed in December. It noted Re-Lender is ‘no longer a party to this agreement’.
Adalan Ventures shares have been suspended from trading in London since December 7, 2023.
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