Avanti Capital releases half yearly figures

As at 31 December 2004, Avanti Capital had net assets of £19.1m compared to £19.7m in 2003, or 185p per share against 189p a share in 2003. Excluding negative goodwill, the group had net assets of £19.5m against £20.5m in 2003. These amounts exclude any potential uplift in the value of Barvest Ltd or mBlox Inc, or the potential value of the significant tax losses available to be used by the group in the future. In the period to 31 December 2004, the profit before exceptional items was £475,000, excluding the consolidation of Barvest and the warrant cancellation and £215,000 in the same period in 2003. Barvest owns and operates the estate of bars and nightclubs which trade predominantly under the Po Na Na and Fez Club brands. For the 26 weeks ended 26 December 2004, Barvest made £598,000 EBITDA. Whilst in turnover and gross profit terms the business exceeded its internal forecast for the period, there were certain controllable costs of the business amounting to £340,000, which was greater than budgeted. The company's investment in Barvest Ltd as at 31 December 2004, at book value, totalled £2.3m comprising a 60% equity interest at a cost of £600,000 and a secured preferred loan note of £1.7m which carries a coupon of 37.5% per annum.

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