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Starcrest Education losses deepen on due diligence expenses
StockMarketWire.com
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Education services group Starcrest Education The Belt & Road posted a first-half loss mostly owing to acquisition costs.
Pre-tax losses for the six months through June amounted to £1.0 million, compared to losses of £0.4 million year-on-year.
The company, which provides Chinese education and training to foreign employees of Chinese companies, agreed last month to acquire 60% of the London School of Science and Technology.
It also had agreed to a put option to require it to purchase the remaining 40%.
Starcrest Education said its first-half loss principally covered due diligence costs for the proposed transaction.
'Starcrest's continued ambition is to seek relevant acquisition opportunities to enable the Company to provide forward thinking, value added solutions for students, its employees and societies in the One Belt One Road countries,' chief executive John McLean said.
'We continue to work hard to facilitate the proposed transaction, having identified an acquisition target that fits with the company's search criteria and that we believe provides a valuable opportunity for Starcrest and its shareholders, and will provide further details as soon as we are able.'
Story provided by StockMarketWire.com
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