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Stranger Holdings PLC on Thursday reported that it had swung a profit in the first half of its financial year and stated that its mineral rights acquisition is an ‘exciting opportunity’.
Stranger Holdings is a London-based investment company, intending to acquire a target company, business or asset in the industrial or service sector.
It swung to a pretax profit of £930,000 in the first half that ended September 30, from a loss of £222,000 a year ago.
Administrative expenses in the first half rose to £661,000 multiplying from £142,000 a year ago.
The company’s operating profit swung to £929,000 from a loss of £143,000 a year ago.
Stranger said its potential acquisition of mineral rights in Africa is a ‘very exciting opportunity’. It expects mining operations to start within three years or less, compared with similar operations which could take up to 13 years for the commencement of extraction.
Stranger said profitability from mining operations should be reached much sooner, due to the shorter lead time of the project, as the Uranium price is also expected to remain strong.
The company said it plans make an application for its shares to be admitted to the London Stock Exchange, as it expects to gain approval for its reverse take-over deal with Mayflower Capital Investments Pty Limited.
By Harvey Dorset, Alliance News reporter
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