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VSA Capital Group PLC on Monday reported ‘extremely disappointing’ financial results although management is optimistic in the likelihood of a recovery.
The London-based international investment banking and broking firm said in the year that ended March 31, the company swung to a £2.7 million pretax loss from a restated £280,761 pretax profit the previous year.
Turnover fell 57% to £1.9 million from a restated £4.4 million, with the company citing difficult industry-wide market conditions as the cause.
Loss on investments increased to £1.7 million from £859,650.
Chief Executive Officer Andrew Monk said: ‘These results are extremely disappointing, but they are also now in the past and we are on a much stronger footing....We also believe that we are at the start of a huge bull market in commodities for the next 3-5 years and this will give us a fantastic macro environment for us to deliver significantly better results in 2024, although the world is still a very uncertain place with changing politics globally’.
In addition, management believes there is ‘huge potential’ in the transitional energy sector.
VSA Capital shares last traded at 5.00 pence per share on May 17 on the Aquis Exchange.
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