Dublin-listed investment company Prime Active Capital, formerly Oakhill, has reported a pre-tax loss of €2.65m for 2007. This compares to profits of €103,000 the previous year.
The investment firm, led by financier Peter Lynch, said its revenues fell by 4% to €34.6m from €35.98m following the closure of its commercial print division during the year. The company is organised into two main business divisions, PAC Digimedia and PAC Telemedia.
'This was a year of change for the group, but nothing changed as much as the environment in which the company operates,' commented chairman Peter Lynch.
'This is now characterised by tight credit, squeezed margins and a global reduction in capital. Nobody enjoys an environment like this, but PAC is adequately financed for the opportunities contemplated by it at present,' he added.
'We have seen these circumstances before and we have been successful in them, but none of us should underestimated the difficulty of the trading environment faced by any business in the next couple of years,' he cautioned.
Prime Active emerged from a revamp of print group Oakhill last year.
