Mosaic plummets to loss
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.MOSAIC Investments, best known for its link with the cartoon characters Teenage Mutant Ninja Turtles and Tom and Jerry, spent nearly pounds 1m on professional fees while keeping its head above water through 18 troubled months, writes Robert Cole.
The payment formed part of pounds 15m of exceptional and extraordinary items that tore a hole in Mosaic's profits for the year to 30 April.
Operating profits at Mosaic, briefly chaired by Greg Hutchings of the conglomerate Tomkins, fell from pounds 5.3m to pounds 1.5m, but losses after tax, exceptional and extraordinary items were pounds 14.6m against a profit of pounds 606,000.
The company provided for pounds 12.3m in asset write-downs on businesses earmarked for sale. It spent a further pounds 700,000 on redundancies.
Mosaic lost pounds 1.9m before tax, following a profit of pounds 3.9m. It is eliminating borrowings with the issue of pounds 2m worth of preference shares. The issue is backed by Montagu Private Equity, a venture capital arm of Samuel Montagu, the merchant bank.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments