Developer of ParseKit here.
ParseKit has no problem with recursion, but your grammar is incorrect. This is more of a BNF grammar problem than a ParseKit problem.
Here's the correct version of what I believe you are attempting with your grammar above:
@start = formula;
formula = arithmeticStatement;
arithmeticStatement = valueTypeResult (arithmeticOperator valueTypeResult)+;
valueTypeResult = (value | concept);
value = 'V';
concept = 'C';
arithmeticOperator = 'A';