Re: If your not making any £$
The stock market isn't interested in the past or the present. It's all about tomorrow!
But seriously, the lack of profit does not negate the advantages of going public. Your debt management options are far better, then there's also the fact they may not have much of a choice.
One of the many nasty side-effects of taking equity investment is that after the initial investment negotiations are over, the timeline for a liquidity event is basically set in stone. You've got (x) amount of time to deliver ~10x return on investment either through operational success, profits (which rarely happens), through another round of funding (which may dilute value beyond an acceptable level) or an IPO. If you can't pull it off your investors can activate the default and performance clauses in the lending agreement and take over the company and/or force the sale of its assets. If that happens your company will never make the IPO stage, you're picked apart before you ever get close.
Equity investment (VC for the buzzword fans) is a rough game to get into. Your investors aggressively pursue a massive return and to satisfy their risk management policies you surrender huge levels of control to them.