DouglasBay Capital underlying operating profit up 14%
By BFN News | 02:57 PM | Monday 11 April, 2011
DouglasBay Capital unveils strong full-year results with underlying operating profits up 14% at £25.7m.
Underlying profit before tax improved by 39% to £18.9m while underlying earnings per share rose 12% to 1.50p in the year to the end of December.
And Douglas Bay said that since then, it completed the sale of TDG completed in March for a total cash consideration of £208m.
It said the deal secures a very attractive return for DouglasBay, equivalent to an internal rate of return of over 30%.
Chairman David Panter said: "This has been an exciting and defining period for DouglasBay during which we have successfully realised value from our largest investment and delivered strong full year 2010 operating results in challenging markets.
"The revitalisation of TDG prior to its onward sale, all achieved in a little over two years, has met our expectations and demonstrated our wide ranging skills in identifying, acquiring, revitalising and managing active value investment opportunities.
"Current market conditions continue to create some strong new prospects and we are working hard in pursuit of opportunities where we believe our approach can deliver attractive returns."
At 2:57pm: (LON:DBAY) share price was +1.75p at 15.5p
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