Azini halves Portrait Software stake

18th May 2010 15:42

Azini has nearly halved its stake in customer interaction optimisation software supplier Portrait Software and made a sizeable profit. The Azini stake in the AIM-quoted company has been cut from just over 18% to 9.18%. Some of the shares have been bought by BWCI Pension Trustees, which has increased its stake to 16.89%, and Daniel Rosen and his family who have 3% of Portrait. Azini built up its stake in April and May 2008 when the share price was less than half its current level of 24.25p, so it must have made a decent profit. Azini should have raised more than £2.5m from the share sale depending on the exact disposal price. Azini has probably made back its initial investment. Azini specialises in investing in software companies and it also has investments in Portrait's AIM-quoted rivals Intelligent Environments and Focus Solutions and IPTV company Amino Technologies. In April, Portrait said that its revenues and profits for the year to March 2010 will be ahead of expectations. Singer forecasts a profit of £1.4m in 2009-10, rising to £2.3m this year. The shares are trading on 22 times estimated earnings for 2009-10.