MXC Capital posts annual loss after value of investment portfolio sinks
Source - SMW
Technology focused merchant bank MXC Capital posted an annual loss owing to reductions in the value of its investee companies.
Pre-tax losses for the year through August amounted to £7.9m, compared to losses of £11.8m on-year.
The performance of the group's investments could be volatile in nature, especially in their early stages of development, MXC said.
'The period under review has seen significant developments for MXC including our new partnerships with Ravenscroft in relation to GIF technology and Innovation Cell and the joint venture with Liberty Global,' chairman Peter Rigg said.
'Both of these are testament to our expertise in the sector.'
'They not only provide investment opportunities but regular fee income and the opportunity to share in more of the profit than is the case with our public investments.'
'We believe this is an important change in the focus of our business.'
At 9:46am: (LON:MXCP) MXC Capital Plc share price was 0p at 1.3p