News

Ovidia calms results excitement

27 September 2007 16:01:00

Shares in Ovidia Investments soared to 7.25p at lunchtime today from just 2.75p at last night's close following the publication of interim results.

The company, capitalised at less than £½m late Wednesday, reported an operating profit today of £2.81m for the six months to 30 June versus a loss of £408,000 a year ago.

Following the share price surge, Ovidia issued a statement clarifying that the operating profit was an exceptional item and arose on the implementation of the Company Voluntary Arrangement (CVA).

It stressed the result does not relate to any ongoing trading activity.

The firm said earlier that it is now in a position to enhance shareholder value by acquisitions.

"We consider that the funds raised under the share placing will be adequate to meet our ongoing operating expenses," it added.

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