Firm’s portfolio up 24% in value

Dublin-based investment firm TVC Holdings has reported a solid set of annual results, underpinned by a 24% increase in the value of its investment portfolio.

Pre-tax profits at the company — previously known as Trinity Venture Capital — jumped from €8.8m to €9.2m in the 12 months to the end of March, with net asset value per share up 9%, from €1.05 to €1.14.

Total net assets were worth €115.2m as of the end of the year. While TVC owns a number of non-core stakes in a smaller technology companies, nearly 90% of its asset base comprises cash balance (and €72.6m worth of government bonds) and its 18% shareholding in UTV Media.

The value of the company’s portfolio increased €8.1m, or 24%, driven by a €5.1m mark-up on its UTV investment and a €3m increase in its unquoted portfolio. TVC is also debt free.

“We’re pleased with our performance for the year”, TVC’s executive chairman Shane Reihill said.

Earlier this year, Mr Reihill resigned as a director of UTV following the ousting of long-standing chairman John McGuckian (also a non-executive director of TVC) regarding a perceived conflict of interests. How-ever, it is understood TVC will have a representative at UTV’s AGM this week.

TVC’s ultimate aim remains the building of a portfolio of about four high-profile investments, which would see it make three more significant investments while disposing of some of non-core assets.

“TVC is in a very strong position to make additional long-term investments at what we expect to be attractive valuations. We believe that there are restructuring opportunities in Ireland and the UK, where trading companies with excessive debt need to raise new equity at attractive terms for new investors,” Mr Reihill said.