27th Feb 2014 15:37
LONDON (Alliance News) - Craven House Capital PLC Thursday said its net asset value increased in the first-half of its financial year as a result of its investment activities, while also reporting its first operating profit since restructuring and recapitalising the business.
Craven House said its net assets rose to GBP5.7 million in the six months to November 30, from GBP3.8 million a year earlier.
It swung to a GBP522 million operating profit, from a GBP709 million loss for the corresponding six months in 2012. Pretax profit came to GBP518 million, compared with a GBP691 million pretax loss.
"The company's balance sheet continues to expand at a rapid pace, with the asset base has now at a point we can target larger, more meaningful acquisitions. The company's most recent investments have created short-term cash generation opportunities, which have both made the company profitable for the first time. We are very confident that in continuing to pursue the primary goal of enhancing net asset value we will be able to secure our shareholders above market returns," Mark Pajak, Acting Chairman, said in a statement.
Craven House shares were Thursday quoted at 0.540 pence, up 0.015 pence, or 2.9%.
By Samuel Agini; [email protected]; @samuelagini
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