Strathmore posts $4.3m annual loss

By NZPA

Monday 14th October 2002

Reeling technology investment company, Strathmore Group today reported a $4.3 million loss in the year to July 31.

That compares with $3.9 million loss in the previous year.

The company had revenue of only $83,000 for the year.

Strathmore said it had completed restructuring in line with a strategy outlined at the annual shareholder meeting at the time of the half year result.

The company has terminated all executive positions and expenditure has been reduced to $20,000 per month.

The result includes a provision for the write-down of assets and restructuring costs totaling of $2.76 million.

The company said it continued "to pursue a prudent divestment process" for all its investments with the exception of Global Online, the Kachingo inventor.

However, as of Friday, "no such divestments had occurred", it said.

Discussions were continuing with interested parties.

The company said it would continue to focus on Global Online with specific emphasis on the international opportunities. It said its UK joint venture business was progressing well and strong prospects were being pursued in Hong Kong and South Africa.

The company's star briefly shone during the dot.com bubble when its shares, currently trading at 0.15 cents, reached 64 cents.

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