TVC Holdings slips back into red

IRISH investment firm TVC Holdings slipped back into the red during the first half of its current financial year; showing a loss of €11.46 million — for the six months to the end of September — and seeing the value of its investment portfolio fall by €12m to €60.4m.

TVC’s main investments are an 18% shareholding in UTV and a near 27% stake in specialist software provider Norkom Technologies. The loss and fall in investment value was driven by a markdown in the company’s stake in the latter company, which issued a profit warning earlier this year and a profit decline this week.

Despite that, however, TVC managed to sell one of its non-core assets, APT Licensing Ltd for €1.4m in July, and still has reserves of over €30m and no debt — and is strongly positioned for future growth, according to executive chairman Shane Reihill.