News

Nadlan confident after problems

01 November 2006 08:03:00

Nadlan, the property developer, said it was confident of achieving a good result in the current year despite a string of problems.

"The group is looking for significant levels of new funding and thus is requesting that the Board be authorised to allot a requisite level of new shares in the group in the coming year," said Nadlan.

"The board is looking to use the funds to move into new areas of operations in the property sector with a focus on income generation via property trading and investment in rental producing properties," added the group.

For the year to April Nadlan reported a pre-tax loss of £6.15m compared with a loss of £464,000 while turnover fell to £234,000 from £2.43m previously.

The group was hit by a string of problems during the year after some fundamental accounting errors which meant the figures for the last period have had to be restated, wiping £1.5m off turnover and £152,000 from gross profit.

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