Gold-Zack announces results

The European investment group has announced an increase of 70 per cent in profits from last year.

European investment group Gold-Zack's preliminary results for 2000 show that its profits were up by about 70 per cent on the previous year.

The company had over DM1bn (E511m) on its balance sheet for the period and equity capital climbed to over DM 500m. It also says that it has reached its most recently announced target figure in the fourth quarter of 2000 despite adverse market conditions. In a statement the company said that the value of its investment portfolio had “more than doubled compared to the previous year.”

The investment vehicle said that it had deliberately shown restraint in the area of principle investments this year because of “substantial tax advantages obtainable on the sale of companies beginning in the financial year 2002. “Last year’s result, which was characterised by the sale of participations, will therefore not be reached,” it says. “For the current business year, the Gold-Zack Group still expects a result in the three-figure millions”.

Gold-Zack AG was previously a service provider and underwriter for the German market, which in 1996 transformed itself into a European investment group for small- and medium-sized companies in growth markets. It offers start-up financing and consulting all the way to the initial public offering and comprehensive services for listed companies. Gold-Zack focuses especially on e-business, telecommunications, media, sport, entertainment and life sciences/biotechnology companies.

In January this year Gold-Zack expanded its international business with the acquisition of British corporate finance group Altium Capital. The company has also acquired a 75 per cent stake in Dutch financial services group Greenfield Capital Partners.