VARAE GLOBAL COINS PLC FINAL RESULTS

VARAE GLOBAL COINS PLC FINAL RESULTS

Avarae Global Coins plc, the UK's only publicly traded specialist company dedicated to investing in rare and high quality coins, is pleased to announce its final audited results for the year ended 31 March 2011.
 
Highlights for the year:

  • Sales of coins and coin collections in the year increased by more than 75% to £2.19 million (2010: £1.22 million);
  • Profit on ordinary activities up more than 20% to £0.45 million (2010: £0.37 million);
  • Earnings per share up by 49% to 0.52p (2010: 0.35p);
  • NAV per share increased to 13.6p at the year-end (2010: 12.6p);
  • Carrying value of portfolio of rare and high quality coins of £10.07 million (2010: £10.34 million); and
  • Net cash of £0.44 million at year end (2010: £0.82 million).

 
Commenting on the results, Diane Clarke, Director of Avarae, said:
"Despite the continued economic difficulties throughout the wider financial market, credit agencies downgrading sovereign debts, and inflationary pressures, Avarae has again successfully demonstrated that it is a genuine alternative asset play in the current financial environment, as evidenced by it reporting material increases in profits and NAV for the year, together with some successful realisations of its investment portfolio.
 
Since the year end, the Company has made modest additions to the portfolio with a value of approximately £0.12 million and has made disposals for a total of just over £0.05 million. The Company has a strong balance sheet, including a coin portfolio with a current carrying value, as reported on by industry experts, of £10.07 million. The Directors, therefore, remain optimistic about the Company's future prospects."

 
The Company's audited report and accounts, together with the notice of the AGM, have today been posted to shareholders. An electronic copy of the audited report and accounts will also shortly be available on the Company's website: www.avarae.com.

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