Business
Hot Rocks Investments plc: Final Results
Hot Rocks Investments plc: Final Results.
About this update from Hot Rocks Investments Plc
[{"type":"text","content":"\n \n \n \n\n\t\n\n\n\n\n\n\n\n\n\n\n\nHot Rocks Investments plc (HRIP)\n\n\n\n\n\n\nHot Rocks Investments plc: Final Results 01-Oct-2024 / 07:00 GMT/BST\n\n\n1 October 2024\n\nHOT ROCKS INVESTMENTS PLC\n\n(the \"Company\")\n\nAudited Final Results to 31 March 2024\n\nManaging Director’s Statement\n\n \n\nI hereby present the financial results for the Company for the year ended 31 March 2024. The Company has been an active investor primarily in junior natural resources companies. The Company also reviews opportunities to invest in other sectors, particularly technology, and generally seeks to invest in exciting companies where our valuation entry point reflects the early-stage nature of their business or sector which, although carrying higher risk, gives us exposure to considerable upside. \n\n \n\nWe have continued to build and nurture our investment portfolio and we are generally pleased with performance, particularly in light of difficult market conditions in the space in which we operate. We also have a favourable cash position enabling us to take advantage of situations as they arise.\n\n \n\nThe Company made a profit for the year of £46,984, and a loss of £367,811 in the prior year. The Company will not be paying a dividend for the foreseeable future (2023: £Nil) as we seek to reinvest any profits in opportunities with the potential for significant capital growth.\n\n \n\nCash and cash equivalents as at the year end of 31 March 2024 were £5,386 (2023: £21,928).\n\n \n\nIn May 2024 we announced with sadness the passing of our Chairman, Brian Rowbotham. Brian qualified as a Chartered Accountant with Deloitte & Touche and had a long career in the City including at Save and Prosper and F&C Management Ltd. Brian joined Teather and Greenwood in 1997 and was involved as partner and then Finance Director in the Company’s flotation on AIM and subsequent move to the Official List. He ran his own consultancy specialising in turnarounds and start-ups until joining Hichens, Harrison & Co plc in 2005 – sold to Religare Enterprises in May 2008. Aside from being a colleague, Brian was a good friend and he is missed greatly. \n\n \n\nPost the year end we sold approximately 94% of our holding in Phoenix Digital Assets plc in a tender offer for the sum of...