Investment group TVC Holdings has reported pre-tax profits of €9.2m for the year to the end of March.

It said that it finished the year with no debts.

Its gross portfolio return of €10.7m was driven by the increase in value of its investment in UTV and its unquoted investments.

It said the result was delivered despite ''an uncertain economic background and continuing market uncertainty''.

The company said it made no new investments during the year due to the underlying challenging economic environment. It said its net assets stood at €115.2m by the end of March.

During the year TVC Holdings sold off its interest in OpSource as part of its acquisition by Dimension Data for €1.3m.

TVC's executive chairman Shane Reihill said that the company was pleased with its performance for year in which it continued to work actively with its portfolio investments to maximise their value.

''We believe that there are restructuring opportunities in Ireland and the UK where trading companies will excessive debt need to raise new equity at attractive terms for new investors,'' he said.

''TVC's management has extensive experience of complex restructuring and turnaround transactions and is well placed to capitalise on this environment,'' he added.