Sorted Group swings to first-half profit as it seeks reverse takeover

Sorted Group Holdings PLC on Friday reported a swing to pretax profit for the first half, as it continues to seek a reverse takeover following the sale of its delivery software business.

The Manchester-based cash shell, formerly a delivery software company, reported a pretax profit of £308,213 for the six months ended June 30, compared with a loss of £2.1 million a year earlier. The profit included a £1.7 million gain on the disposal of its principal trading subsidiary.

Revenue fell 46% to £1.3 million from £2.4 million a year earlier.

Sorted said on Wednesday it signed a letter of support with two investors. This committed up to £250,000 to help cover its ongoing costs as an AIM cash shell and settle outstanding debts to its creditors, following the sale of its principal subsidiary, Sorted Group Ltd, to Brislington Holdco Ltd for £1.00 in April.

Sorted said it continues to evaluate acquisition opportunities that would constitute a reverse takeover under AIM Rule 14.

The company's shares have been suspended from trading on AIM since June 25, and will remain suspended pending the completion of an acquisition that represents a reverse takeover.

Sorted said that if it does not complete a reverse takeover or otherwise comply with AIM Rule 15 within six months of October 20, its admission to trading on AIM would be cancelled.

The company cautioned that there can be no certainty it will complete a suitable transaction that would enable its shares to resume trading on AIM.

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