LONDON (ShareCast) - (ShareCast News) - Dukemount Capital saw pre-tax losses widen in the six months leading to 31 October as fees associated with its first acquisition hit the firm.
Pre-tax losses grew from £21,918 to £153,476, which Dukemount said was principally due to directors' fees and costs associated with trading its shares on the London Stock Exchange.

Dukemount, a supported living and hotel sector property portfolio management and acquisition group, made its first acquisition of a 3,200 square foot retail space in the North West of England throughout the half.

The 17 apartment site was then leased out on a 50-year contract with a supported living association, with the company expecting to generate an average of £234,000 of income per year.

Dukemount also announced it had inked a four-month option to purchase a second property in the same region.

Chairman Geoffrey Dart, said, "It has been a very active six months for the board who have been pursuing a number of deals focussing on both small and medium acquisitions. Two are progressing well as previously announced but also much larger transactions, which would be immediately attractive to institutions seeking blue-chip long-term income, have been presented to us.

"As a result of this, excellent contacts have been forged with additional institutions who have approached Dukemount seeking long-term income and the group views the future with considerable optimism," he added.

Losses per share widened from 0.0138p to 0.0332p.

As of 1120 GMT, shares had declined 1.89% to 0.377p.

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