Eight Capital Partners PLC (AQSE:ECP) swung back into a profit of £299,000 in its latest half-year to end June 2021.
A sale of the investment group's 28.7% holding in Finance Partners Group for €2.1mln (original investment €1.9 mln), revenues from management services agreements and a reversal of some of the adverse currency movements led to the improvement, said the Aquis-listed group.
In the immediate future, the focus will be to derive value from wholly-owned subsidiaries Epsion Capital and Innovative Finance Srl, two boutique corporate finance advisories but then to move into other tech-led financial services lines of business.
The company has an “absolute determination to be a strong player in the financial services technical revolution that we are now witnessing.” it said.
"That focus will be led by our new CEO, David Bull, leveraging the significant increase in the group's balance sheet announced recently," it added.
Earlier this month, the group issued a new €25mln 4.8% fixed rate five-year bond that will be listed on the Vienna Stock Exchange.
Exits will be sought from other investments including Greencare Capital (CBD, wellness and medicinal cannabis) and Supply@ME Capital (monetisation of inventory) once they have started to generate good returns,
A similar strategy will be applied to Evrima PLC (investor in mining operations - formerly Sports Capital Group) which reverted to mining following a foray into sports management, but whose shares are performing reasonably well, Eight Capital said.