TVC reports strong figures
TVC Holdings today published what analysts said were a strong set of interim results for the six months ended September 30th 2012.
The company reported pre-tax profits of €2.4 million. It generated a gross portfolio return of €3.5m for the period, mainly relating to the disposal of its interest in the TAS Group, resulting in growth in net asset value per share of 2 per cent to €1.16.
TVC sold its investment in the TAS Group in August, realising cash proceeds of €7.4 million representing a return of 2.1 times the valuation.
The Company had net assets of €118 million and no debt at 30 September 2012.
These were mainly comprised of cash and government bonds of €80 million, quoted equity investments of €28.1 million and unquoted investments of €8.7 million.
Since March 2011, the Company's cash and government bonds have increased by €50 million to €80 million at 30 September 2012 arising partially from the sale of Norkom.
"TVC actively considered a limited number of investment opportunities during the period but, in the interests of shareholders, chose not to pursue any of these investments," the company's executive chairman Shane Reihill said.