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Stocks and Securities Limited on Hope Road in St Andrew, Jamaica (File photo)

SSL Venture Capital Limited to embark on fundraising activities soon

Stocks and Securities Limited on Hope Road in St Andrew, Jamaica (File photo)

SSL Venture Capital Limited has indicated that it is going to the local capital market soon to raise funds to support its growth initiatives.

SSL Venture Capital’s revenues for the quarter was J$51 million. (Photo: Facebook)

In addition, the listed company, which is in its second year of operation as a restructured company, is in need of additional capital so that it can take advantage of new and exciting opportunities that will add value for the benefit of shareholders. While not giving a time for the fundraising activities, newly appointed CEO, Zachary Harding would only say the fund raising activities would be undertaken in the “foreseeable future.”

In the meantime, SSL Venture Capital is reporting poor first quarter results for the period ended September 30, 2019 in which both revenues slumped and profits eroded to register a loss.

“With these efficiency and governance improvements, we expect to see a positive trend in our performance going forward.”

– Zachary Harding

Revenue for the quarter was J$51 million, which was a J$7.5 million decrease over the 2018 quarter revenue of J$58.5 million. This resulted in losses of J$25.6 million, deterioration from the prior year’s profit of J$1.7 million.

SSL Venture Capital CEO, Zachary Harding

The losses were mainly attributable to the beverage distribution business and head office, which incurred significant one-off expenses. This was due to the reorganisation and financial management review that was done to implement processes and governance procedures across all portfolio companies, the positive results of which the company expects to see in future quarters.

The Data Intelligence subsidiary reported a profit of J$2.1 million for the quarter ended. “With these efficiency and governance improvements, we expect to see a positive trend in our performance going forward,” Harding emphasised.

As the company continue to streamline its operations, the projections are for continued improved performance in all areas of business and for improved results by the end of the financial year.