Audax Properties posts pre-tax losses of ã1.9m for the year to the end of March - up from ã663,744 last time.

Total equity fell to ã12.96m - down from ã14.5m a year ago.

The company said the properties in which it has invested have continued to show a satisfactory total return in present market conditions.

The results for the year and future prospects are also deemed to be satisfactory. The directors do not recommend the payment of a final dividend.

At 9:14am: (LON:34GE) share price was 0p at 137.5p