Irish and London listed TVC Holdings today reported a pre-tax loss of €18m for the 15 months ended March 31. This compares to profits of €31m the previous year, and is due to write downs in one of its listed companies, Norkom.
The investment holding company, led by Shane Reihill and John Tracey, said that during the 15 month period, it invested €22.2m to grow and develop its business.
This consisted of €10m last August when the company led a consortium of investors to buy the operating businesses of 11 Comfort Inn and Quality Hotels in Ireland for a total of €41.5m. TVC now owns 29% of the new hotel business.
TVC also invested €4.3m in Norkom, which specialises in financial crime and compliance software, for a 27% stake in the company. It also invested a total of €7.9m in its 12 other unquoted companies.
The company also sold its specialist technology company, Havok, to Intel for $21m last year. It said the proceeds from the sale will be used to fund new investment opportunities.
Shares in TVC were down six cent at 92 cent in Dublin this evening.
