Business
Preliminary Results
Preliminary Results.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n Aurora Russia Limited\n16 April 2007\n\n\n\n\n\n16 April 2007\n\n Aurora Russia Limited\n Maiden Preliminary Results 2006\n\n\nAurora Russia Limited ('Aurora Russia' or the 'Company'), the AIM-quoted\ninvestment vehicle established to make equity or equity-related investments in\nsmall and mid-sized private companies in Russia, today announces its maiden\npreliminary results for the period from its incorporation on 22 February 2006 to\n31 December 2006 (the 'period').\n\n\nOperational highlights\n\n\n• First three investments since listing have been made: \n\n o £5.1 million acquisition of stake in OSG Records Management \n group of companies in July 2006\n\n - Over 60% growth in revenues from $5 million in 2005 to \n over $8 million in 2006\n\n o £12.5 million investment to launch Kreditmart, a mortgage and \n consumer finance broker in September 2006\n\n - Opening of first branch in Russia and approval of first \n mortgage customers in March 2007\n\n o £10.4 million investment in Unistream Bank, a money transfer \n business, announced in November 2006\n\n - First part of acquisition completed on 13 April 2007 for\n £6.9 million\n\n - Unistream transferred approximately $1.84 billion in \n 2006\n\n• The Manager is looking at a number of opportunities in the financial,\n business, and consumer services sectors\n\n\nFinancial highlights\n\n\n• Net asset value as at 31 December 2006 £71.9 million, representing\n 95.9p per share\n\n• Cash and cash equivalents as at 31 December 2006 of £65.8 million\n\n• Net loss for the period of £321,000\n\n• Diluted loss per share for the period 0.43p\n\n\nCommenting, Sir Trevor Chinn, Chairman of Aurora Russia, said:\n\n\n'We continue to be very positive about the prospects for the three investments\nmade to date. OSG is the largest records management operator in Russia and we\nexpect revenues to continue to grow at over 30% annually. Kreditmart, our\nwholly owned mortgage and consumer finance company, has now opened its first\nretail branch in Moscow and has approved its first customers. Unistream\ncontinues to experience high growth and is now considered to be one of the\nlargest Russian money transfer businesses.\n\n\n'The growth of the Russian economy in 2006 showed no signs of abating with GDP\ngrowth estimated at 6.7 per cent. The Board is confident for the future as ...