(Alliance News) - Wheelsure Holdings PLC said on Tuesday it slightly narrowed its loss for the recent financial year, and that it will continue its operational existence for the foreseeable future.

Shares in the Fareham, England-based industrial engineering company were suspended from trading on AQSE in March due to the delayed publication of results for the year ended August 31, 2022. They will however remain suspended until it also publishes results for the half year ended February 28, and has concluded conversations about securing much-needed funding.

Wheelsure said its pretax loss for financial 2022 was GBP202,162, compared with GBP223,958 the previous year. It narrowed its basic and diluted loss to 4.6 pence from 5.5p per share.

Turnover increased 37% to GBP197,188 from GBP144,077, which Chair John Allen said was "a welcome improvement" reflecting increased rail maintenance activity "after the exceptional circumstances of the pandemic" although its UK business still has not fully recovered.

Wheelsure's cost of sales meanwhile increased 40% to GBP105,062 from GBP75,178.

Wheelsure cautioned that it may be unable to continue as a growing concern, since its working capital relies on "unpredictable sales forecasts" and its ability to secure further funding.

However, Wheelsure said it remains in ongoing funding conversations with "a number of parties" and that it is "remains optimistic for a positive conclusion".

By Emma Curzon, Alliance News reporter

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