Legendary Investments swings to full-year loss

19th Aug 2015 09:07

(ShareCast News) - Shares in Legendary Investments fell sharply after the company said it swung to a pre-tax loss in the year ended 31 March.The investment group said it made a loss of £470,000 compared with a profit of £901,000 in the first half of last year, as it recorded a net loss on investments of £235,000 versus a gain of £1.12m in 2014.Executive chairman Zafar Karim said the year under review has been one in which steady progress, with the assistance of Legendary Investments Plc, has been made at a number of investee companies, including Virtualstock, Bosques and Amedeo."Following the growth fund raise for Virtualstock in April 2014, Virtualstock has been pursuing several large clients including in sectors outside of retail, with positive results manifesting themselves post the year end. Bosques has continued to innovate and now has 18 hectares under cultivation and pongamia saplings from fertile seeds from its own pongamia."Amedeo is on track to complete its first rig by the end of this calendar year. While the mining sector continues to be depressed, Sula, Medgold and Oracle continue to pursue their strategies, and discussions regarding Manas continue."The company said a review of potential investments continued throughout the year, and although one particularly promising opportunity, lying at the nexus of the energy and big data sectors, was pursued, no new investments were made.At 0923 BST, shares in the company were down 15.8% at 0.08p.