Grand Group reports £275m profit, says outlook encouraging

26th Jun 2015 16:22

Late stage company incubator Grand Group reported a pre-tax profit of £275m, in its first set of full year results since listing.The AIM listed firm said in a statement results were "encouraging," and shrugged off a negative operating cash flow for the year.Grand Group posted a RMB6.7m cashflow deficit and said this figure was due to its initial public offering closing just after the period end, and reflected the early stage of the group's business.Grand Group non-executive chairman James Newman said the firms first investment, Wuxi Victory Media & Culture Co doubled its revenue and increased net profit by more than 150% RMB 144.5m.The company which listed on the alternative exchange earlier this year had made second investment in Jinxuntong.The board said it would benefit from the Grand Group's broad network of university research resources.Shares in Grand Group were unchanged at 98.50p at 16:48 on Friday.