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S-Ventures PLC on Wednesday said that it remains focused on future growth, despite seeing its interim pretax loss widen on increased costs.
For the six months ended March 31, the Surrey, England-based capital markets company reported group loss before tax of £2.5 million, widened from £815,472 year-on-year.
This came as cost of sales increased to £4.5 million from £2.6 million, and administrative expenses widened to £3.9 million from £1.2 million. Similarly, selling and distribution costs rose to £1.4 million from £1.1 million a year prior.
Meanwhile, revenue increased to £8.4 million from £4.1 million a year prior.
Looking ahead, S-Ventures was cautiously optimistic about its prospects moving forwards. The firm said that it has now started to make positive monthly earnings before interest, tax, depreciation and amortisation, and added that new products are expected to be released in the autumn.
‘The challenges of the recent period has redoubled our focus on instilling best practice and diligence in expenditure and cost control. Despite constraints we are building a strong foundation for future growth. I would like to thank the team for their hard work throughout,’ said Chief Executive Officer Scott Livingston.
S-Ventures shares were flat at $0.19 on OTC Markets on Wednesday.
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