StockMarketWire.com - Investment company Primorus Investments swung to a first-half profit after recording gains on the value of its assets, which include a holding in gold miner Greatland Gold.

Pre-tax profit for the six months through June amounted to £3.3m, compared to a loss of £0.4m on-year.

'The year to date has been a challenging one,' the company said.

'In these unprecedented times, the effects of Covid-19 are still reverberating around the globe and the long-term effects on the economies of the world are still unclear.'

'Against this backdrop, Primorus has made substantial progress in both 'mark to market' value of our quoted investments, our core unlisted portfolio and, in some investments, realised gains as reflected in these accounts.'

'Some time ago and pre-Covid-19, the company chose to take substantial exposure to gold via its investment portfolio.'

'This strategy has been handsomely rewarded with exceptional growth in the 'mark to market' value of our primary listed investment, Greatland Gold.'

'During the period we have seen a continued surge in the USD$ gold price and also in values of many of the large technology companies, as global consumer and work practices react and evolve to the changing social and business environment.'




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