Breaking Stories

Iconic Labs reports interims as new CEO looks to draw a line under past business

Iconic Labs PLC (LON:ICON) has delivered its half-year results as the company’s new chief executive looked to draw a line under the past business.

“It has been a challenging endeavour assembling these accounts given the circumstances surrounding the departures of the previous executives, directors, and most of the personnel coupled with the lack of any formal handover from them. My predecessor Sarah Dees with the assistance of then non-executive director Stephen Birrell did a commendable job beginning the process of determining what had taken place at Iconic Labs during the last six months of 2020. I again thank them for their work and assistance in facilitating my transition and the transition of the new Board of Directors into the Company”, CEO Brad Taylor said in a statement.

READ: Iconic Labs draws line under dispute with EHGOF

For the six months to December 31, the company reported a pre-tax loss of £934,707 compared to a £762,130 loss the previous year, while revenues increased to £496,052 from £2,500.

Looking ahead, Taylor said from today the firm plans to “assemble a new portfolio of cutting-edge media, data, information, internet, security, and technology companies” and that it is active discussions with several companies.

The CEO added that the company also has sound financing in place thanks to its 2020 financing facility with European High Growth Opportunities Securitization Fund.

“Today I would like to draw a hard line between the past and the future of Iconic Labs”, Taylor said.

Shares in the company were 6.7% lower at 0.009p in late afternoon trading on Friday.

What's your reaction?

In Love
Not Sure

You may also like

Leave a reply

Your email address will not be published.