28th Jul 2014 08:46
LONDON (Alliance News) - Legendary Investments PLC Monday said it swung to a full-year profit after reporting a significant increase in net gains on investments.
In a statement, the investment company said that it made a GBP901,000 profit in the year ended March 31, compared with a GBP158,000 loss a year earlier. Legendary's net gain on investments increased to GBP1.1 million from GBP38,000. Administrative costs increased to GBP214,000 from GBP196,000. Net assets increased to GBP1.5 million from GBP554,000.
Chairman Zafar Karim said the investment company is pleased with its results, adding that they demonstrate Legendary's ability to source, invest in, and proactively add value to investments with potential for capital appreciation.
"The majority of the GBP901,000 profit was due to the uplift in the value of Virtualstock as crystallised by its April fund raise at a post money valuation of GBP25.4 million or over 12x the valuation of GBP2.1 million at which Legendary originally invested," Karim said in a statement.
"Moreover, we believe that this just the beginning of the journey for Virtualstock. In addition, our other principal investments continue to progress," Karim added.
Virtualstock Ltd provides software-as-a-service for supply-chain and data management.
Legendary shares were Monday quoted up 8.4% at 0.103 pence.
By Samuel Agini; [email protected]; @samuelagini
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