Property investment company Ace Liberty & Stone has released a disappointing set of results for the six months to 31st October 2009. Turnover in the period declined by 15% to £60,549 but reduced administrative expenses and finance charges meant that pre-tax losses narrowed by 36% to £49,996. Based on its 193.7 million securities in issue losses per share stood at 0.026p.There was more worrying news on the balance sheet with the company holding net current liabilities of £0.4 million and £1.6 million in long-term debt. Net assets at the year-end stood at £2.5 million

Trading during the six-month period had been “frustrating” with the company being unable to conclude a purchase despite looking into a number of potential purchases. Ace Liberty & Stone stated it would continue to search for potential acquisitions and had credit facilities as well as cash holdings of £0.7 million to execute its strategy.

At a mid-price of 4p Ace Liberty & Stone is capitalised at £7.8 million. The property market continues to be difficult, the firm has been loss-making since joining PLUS in November 2007 and while it has done well to survive the recession we see no reason for the company to be valued at over 3 times net assets held at the half-year end. Sell.