Legendary Investments returns to profit, proposes name change

21st Aug 2018 13:34

(Sharecast News) - Legendary Investments swung to a profit in its last trading year after the small-cap investor saw the value of its investments rise by almost £2.0m.Operating profit for the year ended 31 March came to £678,000, a marked turnaround from the loss of £281,000 reported a year earlier, while net profit came to £664,000.Legendary's fixed asset and current asset investments were £6.15m at year-end, an increase of 43% and net and total assets rose 27% to £5.99m.Throughout the course of the year, Virtualstock, one of Legendary's investments, attracted a venture capitalist investment at a valuation of £66m. The valuation was 33 times that of Legendary's original investment back in 2012.Legendary was the first outside investor in Virtualstock and remains its largest outside investor.In December, Legendary exchanged a stake in a company holding a gold asset in Kyrgyzstan for a "far more promising stake" in one holding an oil asset and also took a stake in a "top-five crowdfunding platform". The group said both investments had "already progressed".Elsewhere, Legendary made a proposal to change its name to Eight Peaks Group.As of 1330 BST, Legendary shares had picked up 1% to 0.10p.