1st Nov 2013 12:41
LONDON (Alliance News) - Starvest PLC Friday posted a decrease in net asset value per share in the full year ended September 30 as it weathered continued difficult market conditions.
Net asset value per share declined 25% to 7.44 pence from 9.86 pence in the previous year. The company's trading portfolio value was GBP2.5 million, down from GBP3.5 million in the previous year. The company posted a slightly widened pretax loss of GBP1.03 million compared with a pretax loss of GBP1.01 million a year earlier.
Starvest invests in early stage mineral exploration stocks, and said that the year had been difficult with a steady decline in market prices until July, where it saw modest increases. Trading and fund raising conditions over the past three years have taken a toll on some of the businesses Starvest invests in, the company said.
Despite volatility in world markets, Starvest said that demand for raw materials continued to grow and suggested prices would begin to recover. "Patience is the key as we await recovery," the company said in a statement.
Shares in Starvest were trading up 4.4% at 4.70 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright © 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
SVE.L