Bermuda-based investment company Ocean Wilsons Holdings Ltd. boosted its revenue by 17.2 percent to $121.4 million during the first quarter of 2010 due to higher volumes in all of its major business segments.

But the company, which yesterday announced its interim management statement for the three months ended March 31, 2010, felt a squeeze on the operating margins of its subsidiary, Wilson Sons Ltd., which controls a maritime services and logistics company in Brazil, as it was adversely affected by the stronger Real against the US Dollar and higher personnel expenses.

All of the group's sales are derived from its Brazilian operations held through Wilson Sons.

At April 30, 2010 the investment portfolio, including cash under management, amounted to $246.8 million, of which $55.5 million was invested in cash and cash equivalents. The investment portfolio represents $6.98 (£4.67) per Ocean Wilsons share.

At the close of business on May 11, 2010 the Wilsons Sons share price was 21.89 Brazilian Reais, resulting in a market value for the Ocean Wilsons 58.25 percent holding in Wilson Sons of approximately $507 million, which is equivalent to $14.33 (£9.62) per Ocean Wilsons share.