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Legendary Investments shares jump as it expects to swing to profit from loss

In a trading update for the year ended 31 March 2018, the AIM-listed firm said its net profit was £0.665mln compared to a loss of £0.281mln a year ago
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The company said its investments jumped 46.5% to £6.2mln from £4.3mln

Legendary Investments plc (LON:LEG) shares jumped on Monday morning as the firm said it expects to report an annual profit compared to a loss the previous year and increase in investments and net assets.

In a trading update for the year ended 31 March 2018, the AIM-listed firm said its net profit was £0.665mln compared to a loss of £0.281mln a year ago, achieved on the “basis of a very conservative historic transaction based valuation policy.”

READ: Virtualstock share sale boosts Legendary Investments

The company said its investments jumped 46.5% to £6.2mln from £4.3mln and net assets rose 27.7% to £6mln from £4.7mln.

Zafar Karim, executive chairman of Legendary Investments, 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.”

He added: “Having established a solid track record of successful proactive investing, we now intend to take Legendary to the next level of its development. We look to the future with increased confidence and thank our shareholders for their continued support."

In morning trading, Legendary Investments shares jumped 22.2% to 0.11p.

 

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