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(Alliance News) - Vela Technologies PLC posted an annual loss on Wednesday, as the firm remains without revenue.
Vela Technologies is a Bradford, England-based investment company focused on early-stage technology companies.
Vela shares were 20% lower at 0.021 pence each in London on Wednesday morning.
The company turned to an annual pretax loss of GBP1.1 million in its financial year that ended March 31, from a profit of GBP380,000 a year prior.
Its fair value of movements on investments cost the company GBP685,000, while it gained GBP666,000 on them a year ago.
Administrative expenses narrowed by 18% to GBP347,000 from GBP421,000.
The firm cited several reasons for their results, such as Covid restrictions, the war in Ukraine, supply chain disruptions, potential interest rate increases and high inflation.
"These have weighed on stock markets in the last quarter of the period covered by these accounts, particularly impacting smaller companies and therefore had an impact on Vela's listed investment portfolio," said Chair Brent Fitzpatrick.
Earlier this month, Vela said it was considering buying a division of a listed, quoted or private company.
By Tom Budszus; tombudszus@alliancenews.com
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