(Alliance News) - Gunsynd PLC on Tuesday said it had suffered from a decrease in the value of its investment portfolio over the financial year, after posting a pretax loss for the period.
For the twelve months ended July 31, the London-based investment firm recorded a pretax loss of GBP2.4 million, swung from a profit of GBP2.0 million the year prior, and driven by unrealised losses on the value of its investments.
The company recorded net assets of GBP3.9 million, down 38% from GBP6.3 million the year before. Gunsynd's cash balance also fell by 23% to GBP824,000 from GBP1.1 million a year ago.
Similarly, earnings per share swung to a loss of 0.54 pence per share, down from a profit of 0.56p the previous year.
"Whilst the reverse of last year's profit and subsequent share price depreciation is obviously a disappointment, we maintain that our positioning predominantly towards gold, copper and battery metals is one that should be persisted with given the apparently unstoppable determination of governments to head towards net zero despite the costs involved regarding higher power prices," Gunsynd Chair Hamish Harris said.
"Good progress was made by a number of companies in our portfolio not least Eagle Mountain and Pacific Nickel this unfortunately hasn't been as yet reflected in their share price performance," Harris added.
The company has maintained a health cash balance and is adequately funded for the foreseeable future, according to Harris.
Gunsynd shares were trading 3.5% lower at 0.40p each in London on Tuesday afternoon.
By Harvey Dorset, Alliance News reporter
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Gunsynd (GUN)