Legendary Investments swings to profit

Legendary Investments updated the market on its trading, ahead of its figures for the year ended 31 March on Monday, reporting that investments were up 46.5% to £6.2m for the year.

The AIM-traded firm said net assets were ahead 27.7% at £6.0m, with net profit standing at £0.67m, swinging from a loss of £0.28m in the prior year.

Zafar Karim, executive chairman, said the company was “delighted” at the progress made during the year.

He said Legendary's investments and net assets had increased “significantly”, which had been achieved on the basis of a “very conservative” historic transaction-based valuation policy.

“This policy does not take any account of investee companies' progress, nor of their further prospects since the latest transaction, notably: VS's further contract wins; IBS winning authorities to operate its banking services platform; CfA's rise from number five to number three in the most visited UK crowdfunding platform rankings as well as the substantial growth in its website visitor figures and investor database; and Dunraven's significant strategic progress,” Karim said.

“Progress continues at Legendary and its investee companies.

“Indeed, we expect post year end net assets to be higher than the year end value.

“Having established a solid track record of successful proactive investing, we now intend to take Legendary to the next level of its development.”