The Ardent Group, a specialist provider of equity release products for the mature market, has reported pre-tax losses of €125,527 for the six months to the end of June, up from €92,402 the same time last year.
The company said the results reflect only two months performance since the purchase of SHIP, an Irish based life-time mortgage provider for the over 60s.
Ardent said its net assets have grown from €1.6m to €13m after the reverse takeover of SHIP.
Since that deal, Ardent said its income was €40,132 and is set to grow strongly over the next six months. Overheads at €165,659 reflect the level of investment required to support ongoing development, the company added.
Ardent said it is currently looking at a number of opportunities in the Irish mortgage market and the possible acquisition of additional reversionary interests.
Earlier this month, Ardent listed on the Dublin IEX market.
