Starvest narrows annual pre-tax loss

1st Nov 2013 13:52

Investment mining company Starvest reported an annual pre-tax loss as tough trading and fundraising conditions continued to hurt the business.Loss before tax decreased slightly from £1.03m to £1.01m in the year to the end of September, according to a trading update released on Friday.The group ended the year with no debt and said it continued to believe it is in a "strong position to benefit from an upturn in markets which must surely come".The company noted that world markets have been volatile as evidenced by falling gold and iron ore prices. "However, demand for raw materials continues to grow so it must only be a matter of time before prices begin to recover," the company said. Shares were little changed at 4.50p at 14:00.RD