14th Nov 2013 14:51
LONDON (Alliance News) - LMS Capital PLC Thursday said it has seen further improvements in the prices of its unquoted stocks since the end of September, when its net asset value per share had dropped as a result of unrealised currency losses as a result of the dollar's weakness against the sterling.
LMS Capital's net asset value per share was 87 pence on September 30, down 3.3% from 90 pence on June 30, 2013, with the company citing the weakness of the dollar against the sterling in the period between July 1 and September 30.
However, LMS Capital said further improvements in its quoted stocks, coupled with the recent strengthening of the dollar against sterling, have reversed most of the decline in NAV per share, which now stands at around 89 pence.
"There continue to be active sales processes underway on a number of the company's investments. Although these are not at a stage where thebBoard can have certainty on realisation timing or proceeds, the directors remain satisfied with current progress and with the exit opportunities under consideration," LMS said in a statement.
LMS said the consolidated revenues of its portfolio companies for the first nine months of the year to September 30 were up 38% on the same period last year, with significant contributions from unquoted companies Updata and Nationwide Energy Partners.
The investment company, which focuses on small-to-medium sized companies in consumer, energy and business services, estimated the value of its investment portfolio was GBP 160.6 million on September 30, compared to GBP166.8 million on June 30.
LMS Capital shares were Thursday quoted at 74.34 pence, up 3.3%.
By Samuel Agini; [email protected]; @samuelagini
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