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Legendary Investments swings to profit in full year as it proposes name change to Eight Peaks Group

The AIM-listed investment firm reported a pre-tax profit of £664,000 for the year, up from a £281,000 loss in 2017, while the value of its investment grew 44% to £6.2mln
Money growth
The firm also reported a net gain on the fair value of its investments of £1.2mln

Legendary Investments plc (LON:LEG) has reported a swing to profit in its full-year results while also proposing a name change to Eight peaks Group PLC.

The AIM-listed investment firm, which focuses on small companies and start-ups, reported a pre-tax profit of £664,000 for the year, up from a £281,000 loss in 2017, while the value of its investment grew 44% to £6.2mln.

WATCH: Legendary Investments 'unlocking private opportunities' for retail investors

The company also said its net assets had increased to £6mln from £4.7mln the year before, with a net gain on the fair value of its investments of £1.2mln, up from £45,000 previously.

Outlook

Looking ahead, Legendary said it had plans to augment its board in addition to a proposed name change to Eight Peaks Group which would be voted on at the group’s next annual general meeting.

Legendary said the current name was associated in several circles "with its pre-2011 history and management", and so the change would serve to remove this connection.

The company also said a resolution would be tabled to consolidate its shares in the ratio of around 377.19 to 1.

Legendary’s executive chairman, Zafar Karim, said that of the 12 investments made to date, 5 were now valued at around 1.3 times to 35x what the company invested, while 3 others had listed on various exchanges.

In late-afternoon trading Tuesday, Legendary’s shares were up 5% at 0.1p.

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Eight Peaks Group PLC Timeline

CN Research
September 03 2018

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