Bulgarian property developer Orchid Developments said it was continuing to make strong progress and is actively looking for new sites.

Chairman David Holland said, We remain confident that Orchid can continue to pursue exciting and profitable opportunities in both the commercial, residential and retail markets and will continue to pursue land acquisitions in our key areas, Sofia and Varna.

Orchid reported a pre-tax net loss of 1.175m for the year to December from 953,000 a year earlier, as a result of the scaling up of its development team, on revenues of 3.41m during the period from 1.14m last time.

The group added that property developments remain ahead of expectations having acquired three new development plots in central Varna since its IPO for 21m.

We are actively seeking to acquire further sites, with an increased focus on retail space, taking advantage of the greater financial resources and credibility gained as a result of our IPO, said the group.

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