Portfolio companies deliver strong performance for Aurora Russia
23 June 2008
Aurora Russia, the investment firm that buys stakes in small and mid-sized Russian companies, today produced an upbeat set of results for the 15 months to 31 March, with pre-tax profits topping £4.5 million from a previous loss of £0.3 million.
The company’s net asset value rose 19pc to £85.6 million and a revaluation of its investment portfolio saw a 22pc rise to £77.3 million.
During the period the firm became effectively fully invested, with £63.5 million spread across five companies, including Unistream Bank, Kreditmart, Volzhski Universalny Bank, SuperStroy and OSG Records Management.
Aurora chairman, Sir Trevor Chinn, said: “We are extremely pleased to have delivered on our investment strategy and invested in five leading companies all of which are growing strongly as demonstrated by the portfolio's 22% revaluation gain and are well positioned to further capitalise on the opportunities presented by the expansion of the Russian economy.”
Looking ahead, Sir Trevor said Aurora would not only focus on improving performance and value creation within the portfolio but also continue to identify opportunities within the financial, business and consumer services sectors.
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