Business
Unaudited interim report to 30 September 2023
Unaudited interim report to 30 September 2023.
About this update from Vsa Capital Group Plc
[{"type":"text","content":"\n\n28 December 2023\n \nVSA CAPITAL GROUP PLC\n(\"VSA Capital\" \"VSA\" or the \"Company\")\n \nUNAUDITED INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2023\n \nVSA Capital Group plc (AQSE: VSA), announces its interim results for the half year ending 30 September 2023.\nHighlights\n· Turnover of £1,051,000, EBITDA of (£1,542,000)\n· Cash position £546,000\n· NAV £2,557,000\n· Retained Corporate Clients - 27\nChairman's Interim Report\nIn introducing the Company's interim report this year, I do so during very difficult political, economic and market conditions.\n \nOn the regulatory side we have paid particular attention to our responsibilities under the new Consumer Duty regime, and these have been implemented successfully into our operations.\n \nAs previously signaled, we are reporting a loss for the period, although, as Andrew Monk highlights below, this is primarily due to non-cash items relating to the reduced value in our shareholdings. \n \nNotwithstanding market conditions, we have an increased portfolio of client companies and a good pipeline of transactions as we enter 2024 and we look forward to continuing to service our clients professionally during these difficult times.\n \nMark Steeves\nChairman\n \n28 December 2023\n \n \nCEO Interim report\n \nA year ago, I wrote a very cautious CEO report saying that \"Deal flow has dried up and liquidity to invest has almost disappeared completely.\" Sadly, in the last 12 months if anything, if it is possible, it has got worse! There are now people asking the question of whether quoted equities have any future. I believe they do but it does need support from Government. On a relative basis I believe VSA is performing as well or better than most of our peer group, but the entire industry is suffering and basically losing money. We hope that in 2024 we do see an improved environment and with inflation now falling rapidly, interest rates appearing to have peaked and possibly falling, and if war in the Middle East and Ukraine could be stopped, I believe we could see a significantly better market, let's hope we do for everyone's sake.\n \nIn our Final results in June, I indicated that we would report an inter...