Thalassa Holdings Ltd: 2024 Interim Financial Results

Thalassa Holdings Ltd has released its unaudited interim results for the six months ending 30 June 2024. The company's profit after tax stands at £0.24 million, a notable improvement from a loss of £0.53 million in the same period last year. Group earnings per share rose to £0.03 compared to a previous loss per share of £0.07.

The company's book value per share marginally declined to £1.19, while investment holdings increased to £8.8 million from £7.7 million. Cash reserves have more than doubled, attaining £1.4 million.

Chairman Duncan Soukup highlighted noteworthy market conditions, including a 0.5% rate cut by the US Federal Reserve and significant gains in the NASDAQ index. He also noted increasing US household and federal debt levels.

The financial review showed a total income of £0.3 million, boosted by a £0.2 million unrealised gain from holdings in Newmark Security (NWT). Despite reduced depreciation costs and waived consultancy fees by the Chairman, net cash inflow from financing activities was significant, driven by restitution agreements related to Tappit.

Thalassa Holdings continues to focus on strategic investments, acquiring stakes in companies like Surgical Innovations Group and Safe Group, anticipating long-term profitability and recovery in these ventures.