27th Dec 2024 12:31
(Alliance News) - VSA Capital Group PLC on Friday reported a swing to profit despite "difficult market conditions" in the half-year.
The London-based investment bank and stockbroker said it swung to a pretax profit GBP298,000 in the six months to September 30, from a GBP1.8 million loss recorded in the previous year.
Loss on investments narrowed to GBP55,000, from GBP1.3 million year-on-year.
Turnover increased by 67% to GBP1.8 million from GBP1.1 million the year prior.
Administrative costs dropped by 8.6% to GBP1.3 million from GBP1.5 million.
The company's Chair Mark Steeves said: "We have an increased portfolio of client companies and a good pipeline of transactions as we enter 2025.
"The new strategic partnership with Drakewood Capital Management Ltd has considerable potential to enhance our offering to clients in the natural resources arena and alongside activities in our other sectors."
"Notwithstanding the challenging geopolitical and economic conditions, we look forward to the months ahead with cautious optimism," Steeves added.
VSA Capital shares last traded at 5.00 pence on November 12 on the Aquis Exchange.
By Holly Munks, Alliance News reporter
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