16th Aug 2021 17:52
Literacy Capital PLC - London-based investment firm - As at June 30, net asset value per share rose to 182.25 pence from 141.75p at the end of December 2020, as the portfolio value increased to GBP101.8 million over the six month period, due to strong growth from RCI Health Group and Grayce, which benefited from strong demand for services.
Pretax profit rises more than sixfold to GBP24.2 million from GBP3.8 million a year prior, due to a sharp rise in total income to GBP26.1 million from GBP4.6 million.
"Despite the challenges posed by Covid-19, with travel restrictions and lockdowns across the UK and other parts of the globe, as well as heightened and volatile demand in certain areas of the economy, our management teams have performed well. Consequently, several of our businesses are exceeding our expectations," said Director Richard Pindar.
"Looking ahead, due to the growth, strong trading and cash generation of several of our portfolio companies, we believe we can unlock opportunities to generate cash from the portfolio to finance future new portfolio company investments for Literacy Capital. This ensures we can avoid falling into the trap of selling high performing investments prematurely," Pindar added.
Current stock price: 270.00p, closed up 12% in London on Monday
Change since June 25: up 50%
By Dayo Laniyan; [email protected]
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