Corvus claims £37m gains

26/06/2007 Robert Tyerman

Andrew Regan's Corvus Capital has said unrealised investment gains at 31 March were £36.9 million, despite £2 million interim revenue losses.

AIM-quoted investment group Corvus, which raised £2.9 million at 12.5p in January, made £9.3 million on capital activities in the six months to March and shows a £7.3 million combined revenue and capital profit for the half year in question. Hertfordshire-based Corvus has 20.2 per cent of commodity venture Commoditrade, which in December reported 'preliminary discussions' with several potential bidders and in May said these discussions were continuing.

Corvus, which placed its stake in insurance group Gable Holdings for £1.9 million in February, holds 46 per cent of de-listed ex-AIM counter Global Structured Finance, which bought 13.4 per cent of US-based oil and gas group Darcy Energy Holdings and has raised the equivalent of £9 million through a US convertible bond. Corvus also holds 17.2 per cent of gem sorting innovator Diamond Tech Inc, which raised £4.25 million with an AIM float last month and now has a market value of £22 million.

Shares in Corvus, highlighted by Growth Company Investor at 14.25p last July and again at 17.25p in February, have now reached 25.25p. Partial profit taking might be prudent, but they should have scope for further growth over the medium term.