Electra Private Equity PLC - London-based private equity investor - Reports revenue in the 12 months ended September 30 of GBP6.4 million, multiplied from GBP700,000 the year before.
Swings to net return before tax of GBP66.1 million from GBP59.8 million loss.
States brands in its portfolio hold significant value creation opportunity but require significant work in order to realise it. Remarks that trading performance and product demand of portfolio company Hotter Shoes was strong in the period, even "in light of market-wide supply chain issues and headwinds facing e-commerce businesses."
Net asset value per share rises 49% to 525.9 pence as of September 30 from 353.4 pence as of October 1, 2020.
Outlines plans for becoming Unbound Group PLC and building on Hotter's strong brand to build a digital platform. Plans to also offer a range of selected non-Hotter products and services to capitalise on Hotter's "underserved" 55 and over customer audience. Expects first Unbound revenues from on its own platform of products other than Hotter footwear in the second quarter of 2022.
"We will shortly be starting the formal process that we intend will lead early in 2022 to the transition of Electra from the FTSE main market listing to AIM as Unbound - a company that will build on the solid foundation of Hotter Shoes to grow value through a digital platform supporting the active lifestyles of the 55 plus demographic with a range of products and services," Chair Neil Johnson said.
Current stock price: 68.80 pence, up 4.6% on Thursday
Year-to-date change: down 75%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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