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Bermuda First posts $3.7m profit

America's Cup optimism: BFIC chairman Michael Collier

An America’s Cup boost for Bermuda will boost the fortunes of investment firm Bermuda First, chairman Michael Collier said yesterday.

He was speaking as Bermuda First, which invests in Bermuda Stock Exchange-listed companies, unveiled profits of $3.7 million for the year ended in June. The figure includes unrealised profit of $1.5 million.

The firm had revenue of $4.1 million from the same period with a market value on its investments, largely in utilities company Ascendant and telecoms firm KeyTech, of $25.2 million.

Mr Collier said: “We have seen an improvement in both the share prices and the balance sheet positions of our major investments over the last 12 months.”

He added that, as a result of US-based Atlantic Tele-Networking taking a controlling interest in KeyTech earlier this year, and improved results at Ascendant, “prospects for our investments are improving”.

Mr Collier said: “With Bermuda hosting the America’s Cup in 2017, we believe that our investments are well placed to benefit from the investment in improving Bermuda’s infrastructure and the improvement in the overall Bermuda economy.”

The firm also reported that during the last quarter of the year to June it repaid $1.6 million of debt and interest, with net debt at year end standing at $4.3 million, as well as unsecured long term seven-year loan notes issued to founding shareholders in October 2012 of $18.8 million.

Bermuda First also has an investment in insurance group Argus and small holdings in insurance company BF&M, Bermuda Aviation Services and Bermuda Press (Holdings) Ltd, the parent company of The Royal Gazette.