All talk and not much action for Concha in 2015

22nd Dec 2015 14:55

(ShareCast News) - It was all talk and no action for Concha in 2015, as the firm released its audited results for the year to 30 June on Tuesday.The AIM-listed media investment company described its "disappointment", having not added to its investment portfolio during the year.It was celebrating some legal success, though, after it reached a settlement with some of its former advisors."The Board has concluded a settlement in connection with Concha's former legal advisors in respect of the losses suffered as a result of their failure to register a valid security interest in the assets of one of the company's former investee companies", executive chairman Chris Akers said in a statement.Concha's 30% stake in design agency The Works remained its only investment at the end of the period. The company was pleased with its performance citing strong double-digit percentage EBITDA growth in the year."During the course of the last 12 months that business has sought to extend its reach via the formation of a number of strategic partnerships with established media agencies, most notably in the US, Brazil and the Middle East", Akers said.Concha spent much of the year in deep discussion over another potential opportunity, however it terminated those negotiations on 17 December. The firm's board worked to reassure investors that, while much time was spent on the discussions, the company had not expended "significant" cash resources.The company's total assets at the end of the period were £6.3m, up from £2.5m last year. The jump could be largely attributed to the issue of 100m new shares during the year, bringing in a total of £4m.Concha's loss for the year improved as well, shrinking from £1.2m last year to £0.63m.At 1510 GMT, shares in Concha were down 16% to 0.52p.