Boutique small-cap brokerage VSA Capital said market conditions are improving as it moved back into profit in its latest half-year.
Mark Steeves, the mining specialist's chairman, said: “Market conditions are improving. We have an increased portfolio of client companies and a good pipeline of transactions as we enter 2025.
Andrew Monk, chief executive, added its deal pipeline has grown significantly in its last month, but said that equity capital markets remain “incredibly tough”.
Revenues in the half year to 30 September were £1.7 million (£1.05 million) with a profit before tax of £258,000 (£1.8 million).