LONDON (ShareCast) - Verdes Management, an investment company that is currently undergoing a restructuring, disappointed with its half year report on Friday, in which it reported zero revenue and wider losses.

For the half year ended March 31st, which new Chairperson Gillian Leates described as a "period of change", the group posted a loss of £324,280, compared to £162,546 the same period the previous year, all of which was classed as administrative expenses.

After the financing associated with the group's project to develop as a strategic investment company, Verdes suspended trading on January 30th until early March, when a placing was carried out and David Breith, the Chief Executive of Coms, purchased a large stake in the group, raising £750,000m in working capital.

The failure of the project resulted in costs of around £256,000.

At the period end, the company had £400,000 in available cash, which it said left it well positioned to embark on its investing strategy when a suitable opportunity has been identified.

The shares fell 12.69% to 0.764p by 12:51.

NR

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