Legendary Investments returns to profit, proposes name change

Legendary Investments swung to a profit in its last trading year after the small-cap investor saw the value of its investments rise by almost £2.0m.

Operating profit for the year ended 31 March came to £678,000, a marked turnaround from the loss of £281,000 reported a year earlier, while net profit came to £664,000.

Legendary's fixed asset and current asset investments were £6.15m at year-end, an increase of 43% and net and total assets rose 27% to £5.99m.

Throughout the course of the year, Virtualstock, one of Legendary's investments, attracted a venture capitalist investment at a valuation of £66m. The valuation was 33 times that of Legendary's original investment back in 2012.

Legendary was the first outside investor in Virtualstock and remains its largest outside investor.

In December, Legendary exchanged a stake in a company holding a gold asset in Kyrgyzstan for a "far more promising stake" in one holding an oil asset and also took a stake in a "top-five crowdfunding platform". The group said both investments had "already progressed".

Elsewhere, Legendary made a proposal to change its name to Eight Peaks Group.

As of 1330 BST, Legendary shares had picked up 1% to 0.10p.