The significant improvements in results during 2009 are expected to continue during the year 2010 and the companies are very well equipped, despite some uncertainty about the current economic climate.
The Group’s net income amounted to MSEK 14.5 (14.6) corresponding to SEK 0.39 (0.39) per share. Equity as at June 30 2010 amounted to MSEK 388.6 (345.8) corresponding to SEK 10.5 (9.3) per share.
Cash and cash equivalents including holdings in listed companies amounted to MSEK 85.9 (37.4).
Strong market positions and a positive outlook for all the portfolio companies during 2010. Most of the portfolio companies have managed both the recession and structural changes in their industry and continue to develop positively.
With the current development, the board of directors has concluded that there are promising opportunities for positive growth in value during the forthcoming 12 months and promising opportunities for liquidity through exits or listings in the portfolio companies.
“In a few of the portfolio companies sales were weaker than expected during the spring of 2010, while at the same time some of them surprised us positively. We have seen signs of improvement during the summer months, with new orders and growth as a result thereof.
Due to increasing interest in transactions and M&A in the market, we are currently evaluating several opportunities in the portfolio. The likelihood of further liquidity during the coming 12 months in the portfolio through exits or IPO’s is expected to be very high.
The development in the portfolio companies during the past eighteen months has enabled the payment of dividends. Qbranch distributed MSEK 20 during the spring and Netsurvey MSEK 3. In total approximately MSEK 6 in dividends were paid to Novestra during the first half of the year. In addition, the board of directors of WeSC has proposed a distribution to the shareholders, corresponding to a further MSEK 4 to Novestra” says Novestra’s Managing Director,Johan Heijbel.
For further information please contact Johan Heijbel, Managing Director, AB Novestra, phone no. +46 8 545 01750
About Novestra
Novestra is an independent investment company with a portfolio of investments in a number of private and public growth companies including Diino AB, Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc. In addition, Novestra has an investment corresponding to approximately 11 percent in WeSC AB, listed on First North. The Novestra shares are listed on the Nasdaq OMX Stockholm under the symbol NOVE in the Small Cap section. For further information regarding AB Novestra reference is made to www.novestra.com.
The information provided in this report is such that AB Novestra is obliged to make public according to the Securities Market Act [sv. lagen om värdepappersmarknaden]. The information has been released to the media for publication on August 25, 2010 at 8.55 am
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