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TRS Investments told shareholders yesterday it was confident it was on the right track in its new guise as an investment firm. Difficult trading conditions for its training solutions arm and continuing group losses prompted TRS to sell its training assets in January.
Chairman Keith Jackson said the sale and the change in focus meant the company could consolidate its position before a further round of fundraising.
TRS made a net loss for the year of $925,209 which reflected the disposal of all training assets, and included all discontinued revenues and expenses. A non-renounceable rights issue during the financial year raised $2.885 million after expenses and enabled the company to retire debt.
Jackson said: "The board ... believes that it has a strong growth future through selective investments on the Australian Stock Exchange focusing on small market-cap industrial companies where superior growth is more likely."
The company is planning another pro-rata non-renounceable rights issue.
