Juridica swings to annual loss but remains confident in future investments

17th Mar 2015 15:06

Rising expenses due to performance fees paid to a separate company saw Juridica Investment swing to an annual loss of $5m (£3.37m) in 2014.Having posted a net profit of $5.1m in 2013, the company, which invests capital in corporate legal claims, reported a fully diluted loss of 4.49 cents per share last year, as expenses soared by over 200% to $24.4m.Of those $24.4m, $14.5m were due to performance fees paid to former investment manager JCML 2007, in which Juridica has a 36.17% stake.The sharp hike in costs offset higher investment movements, which rose 50.3% to $19.4m, boosted by 18.8m of gains realised on financial assets at fair value.The company, which reported net asset value of $1.66 per share, a 17.8% decline from the previous year, said it expected to invest in a number of different portfolios in 2005."Several of these investments are anticipated to see significant activity within the next 12 to 24 months," the group said in a statement on Tuesday."One antitrust case, in particular, has significant upside potential and is expected to resolve within the next 12 months."Juridica shares were down 6.88% to $116.40p at 15:21 on Tuesday.