Inflexion issues preliminary results

Inflexion has released its results for the year ended 31 March 2004, which included the completion of a £34m share issue to acquire a £12m investment portfolio from London Merchant Securities (LMS) and to raise funds of £22m, including £21m from LMS. LMS now hold 58.8% of the ordinary shares. The business closed a total of £38m for its Inflexion Private Equity Fund 2. Inflexion has committed £20m to the vehicle, with third party institutional investors committing £18m. The acquisition of the Guinness Flight VCT advisory contract in July 2003 increased private equity funds under management by a further £22m. The company has reported an operating loss for the year of £1.4m compared to a £2m loss in 2003. The business reported net assets of £46.4m against £15.5m for the same period in 2003, representing 17.78p per adjusted issued ordinary share against 23.71p in 2003.

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