Gloo Networks faces second consecutive loss

Gloo Networks, an AIM listed digital transformation company that aims to acquire and develop trusted media brands, reported a deeper loss in the first half due to expenses weighing down on earnings.

The group generated a loss after tax of £1.6m in the six months ended 30 September 2016, which widened from a loss of £789,637 in the previous period. The board attributed this to £1.7m of operating expenses and diligence costs incurred in the continued pursuit of its state investment strategy.

The cash position fell to £25.7m at 30 September 2016 from £27.2m in the previous period.

Basic loss per share fell to 0.06p from 0.15p in the first half of 2015.

Chief executive Rebecca Miskin is however still hopeful for the company’s acquisition plans. "We continue to be encouraged by the potential opportunities we are seeing in the market, verifying our initial hypothesis. The media and content industries remain subject to ongoing digital and technological disruption, which we are well-positioned to capitalise on once we secure a suitable platform," said Miskin.

The share price fell by 0.43% to 117p at 0947 GMT on Friday.