The company is aiming to scoop up ailing cosmetic brands or companies in an effort to forge its way to becoming a major international cosmetics and personal care retailer.
According to a regulatory announcement released today, the company said that its loss before taxation for the six months ending July 2005 was £29,000, compared to a loss of £380,000 in the period up to January 2005.
Company chairman Nigel Robertson said in a statement: "During the six month period the company continued to seek trading opportunities. Although a number have been reviewed nothing has as yet come to fruition."
To help keep the company afloat and to remain focused on its continued intentions to make an appropriate acquisition, Robertson added that an additional £50,000 of funds had been made available to the company.
No one was available from the company to make any further comment.
Currently shares in the company are trading at £1.50. Originally they had started trading at £10.00, falling to £3.00 at the beginning of last year. The demise in share value tracks the company's, as yet, fruitless mission.
Analysts had tipped Reflexion Cosmetics as being in a good position to capitalise on underperforming cosmetic businesses in the vast UK industry. From the UK market it was expected that the company would be able to build up a big enough portfolio to allow it to expand into the international market.
The colour cosmetics, hair care and skin care sectors were to be the initial targets, with companies or brands considered to be undervalued and representing good value for money would being of primary focus.
However, after continued studies of the market and lengthy negotiations, the first and all-important acquisition remains elusive, suggesting that market conditions still might not be ideal for the company's ambitions.
Reflexion Cosmetics has been trying to emulate the success of Premier Foods in the food category. The UK company set about buying up under-performing brands from leading companies such as Unilever and Nestlé and has had a number of successes in turning around brands once thought to be lost forever.