Selkirk reports 'strong progress' in first 15 months since IPO
Selkirk Group PLC on Wednesday reported a loss for the period from its incorporation to the end of last year, and said it is ‘actively progressing’ talks concerning its reverse takeover plans.
The London-based acquisition vehicle, which is focused on the UK consumer, technology and digital media sectors, joined AIM in November 2024, and raised net proceeds of around £7.1 million.
Selkirk reported a pretax loss of £440,662 for the 15 months ended December 31, and a basic and diluted loss per share of 0.11 pence.
Administrative expenses totalled £692,424, and were partially offset by finance income of £251,762.
Selkirk had £7.0 million in total assets as of December 31, and a cash balance of £6.9 million. The latter totalled £6.8 million as of February 28, and Selkirk noted that it ‘remains debt free’.
The company added that it has an ‘active pipeline of acquisition opportunities under review with a rigorous screening process.’
‘Since our successful admission to AIM, Selkirk has made strong progress in executing its strategy as a disciplined acquisition vehicle,’ commented Executive Chair Iain McDonald. ‘We have reviewed a broad pipeline of opportunities while maintaining a highly selective approach, ensuring we only pursue transactions that meet our strategic and valuation criteria.
‘With a robust cash position of nearly £7 million and a tightly controlled cost base, we are well positioned to act decisively when the right opportunity arises. The UK continues to present a compelling landscape of high-quality, undervalued businesses that would benefit from access to public markets.
‘We will be seeking shareholder approval in the next few weeks for a continuation of our investment policy.’
McDonald continued: ‘We remain confident in our strategy and are actively progressing discussions with a number of potential targets. The board looks forward to updating shareholders as we work towards completing a value-accretive acquisition.’
Shares in Selkirk were down 1.1% at 1.80p each on Wednesday in London.
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