Zegona Communications PLC - London-based company focussed on communications and entertainment opportunities - Half-year loss to June 30 narrows vastly as incentive scheme costs drop significantly.

Pretax loss narrows to €1.9 million from €23.8 million a year prior.

Last year included disposal costs regarding sale of investment in Spanish telecommunications firm Euskaltel SA, Zegona notes. Incentive scheme costs drop to €34,000 from €21.1 million.

Looking ahead, Zegona states: ‘We remain patient and disciplined and will not pursue a transaction unless we are confident that it meets our strict financial criteria. We are currently working on a shortlist of attractive opportunities and hope to be able to update our shareholders on the progress we are making in due course.’

Current stock price: 81.00 pence, down 1.2% on Thursday

12-month change: down 46%

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