Aurora Russia, the AIM-listed investment vehicle established to make equity investments in small and mid-sized private companies in Russia, says growth in the Russian economy has resulted in improved performance in the company’s investee companies.
The board currently expects OSG, Unistream and Superstroy to be profitable in the year ending 31 December 2010.
OSG remains the largest records management company in Russia, Ukraine and Kazakhstan. OSG had a record month in September in terms of revenues which were GBP1.2m, up 40 per cent from the prior year period and representing nine per cent growth over the previous month.
Unistream, an outbound money transfer company in Russia, has a 21 per cent market share. Unistream’s volumes grew 10.9 per cent year-on-year in August and 9.7 per cent year-on-year in September 2010. August was the first month of year-on-year volume growth since the financial crisis.
Superstroy is a DIY company in the Urals Region of Russia. It grew its revenues by 32 per cent year-on-year in September following growth of 28 per cent year-on-year in August and 23 per cent year-on-year in July. Superstroy began to grow again in April following the global financial crisis.
Flexinvest Bank’s interest and fee income grew 47 per cent compared to the prior year period and was at GBP746,000 for the nine months ended 30 September 2010.
Kreditmart’s broker fees were GBP424,000 for the nine months ended 30 September 2010, representing a 156 per cent increase year-on-year.
