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LZYE Group

  • BY: Andrew Hore |
  • POSTED: 21/12/2013 |

Hong Kong-based children’s education provider LZYE Group has reduced its loss but it will need to secure the new investment from the potential strategic partner.

The share price has fallen a further 0.25p to 1.1p, which values LZYE at £1.81m.

LZYE tried to raise £3m from a two-year convertible loan but only £200,000 has been raised so far.

In the six months to September 2013, revenues almost halved to HK$5.09m., although the loss was more than halved to HK$11.5m - mainly due to the flotation costs in the corresponding period. The rest of the reduction in loss related to the closure of the North Point centre, which also accounted for the dip in revenues. There was HK$300,000 in the bank at the end of September 2013. 

Directors remuneration increased from HK$1.1m to HK$1.16m.

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