Business
Results for the full year to
Results for the full year to.
About this update from Aurrigo International Plc
[{"type":"text","content":"\n RNS Number : 7363U Aurora Russia Limited 30 June 2009 \n \n \n \n30 June 2009\n \nAurora Russia Limited\n \n \nResults for the full year to 31 March 2009 \n \nFocus on improved margins and costs positions investee companies strongly\n \nFinancial highlights \n \n\n\nNet asset value at 31 March 2009 down 7% to £79.86m or 106.5p per share, compared to £85.58m or 114.1p per share at 31 March 2008\n\n\nCash and cash equivalents as at 31 March 2009 were £4.12m, compared to £7.83m as at 31 March 2008\n\n\nConsolidated net profit for the period of £0.43m (£5.22 million for 15 months to 31 March 2008)\n\n\nConsolidated earnings per share for the period of 0.57p per share (6.95p per share for 15 months to 31 March 2008)\n\n\n \nOperational highlights - Focus on margins and costs\n \n\n\nFully invested with £63.9 million in five companies, four of which are leaders in their field \n\n\nAll companies have adapted to the economic environment by tempering short-term growth in favour of improved margins and a strategy of reducing costs while being careful not to lose market share\n\n\nUnistream remains confident it can continue growing its revenues through several new initiatives; pushing its intra-Russia remittance volumes where it still has a relatively low market share, expanding in the corridors from CIS to China and Western Europe and improving the efficiency in the existing distribution network\n\n\nKreditmart continues its cost reduction plan which started last year and was able to reduce its overhead by approximately 50% compared to the run rate in September 2008, while diversifying its product offering with more emphasis on brokering consumer loans and auto insurance\n\n\nFlexinvest Bank recently launched a short-term Rouble consumer loan product and has also started offering a deposit product\n\n\nRecognizing the high growth prospects of OSG, Aurora Russia announced a further US$1 million investment in OSG in the form of a convertible loan facility in March 2009 aimed at helping the company to finance its capital expenditure plans primarily for warehouse racking\n\n\nSuperStroy remains focused on improving the efficiency of its existing stores through successfully implementing a number of cost reduction initiatives and temporarily putting its ex...