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Water Hall Group

  • BY: Andrew Hore |
  • POSTED: 01/05/2009 |

Water Hall Group reported a slump into loss as it continues to try to find an acquisition.

Revenues were flat at £1.84m in 2008 and a profit of £246,000 turned into a loss of £348,000 - both before exceptionals and discontinued activities. The 2008 loss is before a £733,000 loss on an investment in Lloyds Banking shares. There has been a further loss of £96,000 on this holding since the year end but that represents a significant recovery in recent weeks.

Water Hall plans to sell its current waste management operations. A disposals will require shareholder approval.

At 3p a share, Water Hall is valued at £1.7m. The net asset value is £3.58m. There is net cash of £3.16m. Even if cash in escrow is excluded, cash is £1.84m. That figure does not include the investments in Lloyds Banking and Petards. 

Water Hall has appointed Religare Hichens, Harrison as its broker and its subsidiary Blomfield Corporate Finance as nominated adviser. They will help the company find a suitable acquisition.

Management believes that the price expectations for potential acquisitions are becoming more realistic.

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