22nd Jun 2015 09:15
LONDON (Alliance News) - Armstrong Ventures PLC Monday said it is "hopeful" about the future, as the investment company said it is operating against tough conditions, which it doesn't see improving in the near term.
"As I have indicated before, the operating environment for small investing companies such as ours continues to be challenging, but we remain hopeful for the future," Chairman Haresh Kanabar said in a statement.
The investing company recorded a loss before and after tax of GBP184,079 in 2014, compared with GBP262,406 in 2013.
Kanabar said the general market conditions have been difficult for small AIM-listed companies focused on the resources and energy sectors.
"The board has looked at a number of possible acquisitions for the company, but none were suitable to be tabled for the consideration of the shareholders. A greater proportion of the possible transactions that we looked at required funds to be raised as part of the acquisition and there has not been market support for such fund raisings in our focused sector. The outlook for market conditions in the resources and energy sectors continues to be challenging, and we do not see any improvement in the near term horizon," Kanabar said.
Armstrong Ventures shares were down 0.0040 pence on Monday morning at 0.0160p.
By Samuel Agini; [email protected]; @samuelagini
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