5th Mar 2025 13:36
(Alliance News) - Macaulay Capital PLC on Wednesday reported decreased revenue and a widened loss for 2024, although the firm said its pipeline contains "promising" opportunities.
The Teignmouth, Devon-based investment manager and investor said top-line income was GBP277,447 for 2024, halved from GBP539,225 in 2023.
Pretax loss widened to GBP500,474 from GBP76,195, while loss per share widened to 4.82 pence from 0.76p.
"2024 was a disappointing year for us as, whilst we completed two transactions for portfolio companies, we made no new company investments and also incurred abort costs on two potential investments that did not complete," explained Chair Lindsay Mair.
"Also, and perhaps most significantly...our revenues in 2023 included fees payable to us of GBP211,751 resulting from the sale of shares in one of our portfolio companies, Qualification Check Ltd, whereas no such fees were payable in 2024."
Mair continued: "Our perception of 2024 was that, other than a spike of activity in the run-up to the autumn budget...deal activity was muted. Also, and more relevantly to us, some private investors did not have the confidence to make long-term investments in unquoted companies as uncertainty prevailed, firstly, ahead of the general election and, secondly, ahead of the autumn budget."
Macaulay noted that 2024 marked the second full year since its admission to trading on London's Aquis exchange in July 2022.
On Wednesday afternoon in London, shares in Macaulay were untraded at 18.00p each. They last change hands for 20.00p on October 22.
Looking ahead, Mair commented: "We have a number of promising investment opportunities in our pipeline. Our investment process is rigorous and time-consuming, and we are highly selective, but we hope to bring some of these opportunities to fruition in 2025.
"We remain confident in our business model and that our strategy is one which will in time achieve good returns for us and our investors and look forward to the remainder of 2025."
By Emma Curzon, Alliance News reporter
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