TVC Holdings plc Interim Financial Results for the period ended 30 September 2013

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TVC Holdings plc (“TVC” or the “Company”), the investment holding company, today (Tuesday, 12 November 2013) announces its Interim Financial Results for the 6 months ended 30 September 2013.
Key Performance Highlights:
  • Gross portfolio return of €8.0 million in the 6 month period to 30 September 2013 (2012: €3.5 million).
  • Profit before tax of €6.8 million (2012: €2.4 million).
  • Operating expenses, excluding share-based payment expenses, decreased by 10% to €0.89 million (2012: €0.99 million).
  • Special dividend of €45.3 million representing €0.495 per share, approved at AGM in June 2013, paid in September 2013.
  • In August 2013, repurchased 9.6 million shares at a price equivalent to €0.445 per share excluding the special dividend. TVC’s closing share price on 11 November 2013 was €0.63.
  • Increase of 14% in net asset value per share over the 6 month period to €0.81 at 30 September 2013 excluding the impact of the special dividend.
  • Net assets at 30 September 2013 of €74.4 million including cash at bank of €25.7 million (net of dividend withholding tax of €4.1m paid in October 2013), quoted equity investments of €38.1 million and unquoted investments of €10.2 million. TVC has no debt. 
Commenting on the Interim Results, TVC Holdings’ Executive Chairman, Shane Reihill, said:
“TVC has continued to perform strongly in the first half of the financial year delivering a gross portfolio return of €8.0 million that contributed to an increase of 14% in net asset value per share. During the period, we continued to work actively with our core portfolio investments to maximise their value and to evaluate potential new investment opportunities.
“We returned in excess of €45 million to shareholders during the period, through the payment of a special dividend, following the approval granted by shareholders at our AGM in June 2013. The Company had net assets of €74 million and no debt at 30 September 2013.
“TVC will continue to look for value-enhancing investments and to manage our existing portfolio in order to maximise value for all our shareholders”.

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