$46 million net loss for SSL VenturesFriday, July 10, 2020
Investment firm SSL Venture Capital Limited (SSL Ventures) on Tuesday reported a net loss of $46 million for the financial year ended June 30, 2019.
This follows a net loss of $21 million recorded in the previous corresponding period.
The losses, according to the company, were mainly driven by one-off expenses for legal and auditing outside of increased operational costs to improve internal governance procedures and efficiencies, as well as investments in operational improvements for future growth and profitability.
“With the restructuring that was undertaken and the efficiency and financial control improvements, as well as the engagement of experienced management and staff, we believe we now possess the right team, strategies and motivation to drive and enhance shareholder value from our portfolio companies,” SSL Ventures stated in the report to shareholders.
However, despite the net loss, the group achieved revenues of $332 million for the period under review, while cost of sales amounted to $275 million, which is a 100 per cent increase over last year nil figure. These increases were driven by the acquisition of the three portfolio companies — Bar Central Limited, BlueDot Data Intelligence Limited and Muse 360 Integrated Limited.
Total assets stood at $219 million as at June 30, 2019, when compared to the $257,784 recorded in the previous financial year.
According to CEO Zachary Harding, SSL Ventures is now in capital-raising and acquisition mode.
“As we close out the chapter of the 2019 financial year which had some ups as well as some downs, we are all laser-focused on cherry-picking the best deals supported with the right talent to execute and win,” Harding states. “It is our intention to raise a new fund toward the third quarter of 2020, so that we will have sufficient long-term, patient capital to take advantage of these opportunities in a timely and responsive manner.”
— Abbion Robinson
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