A payout from the sale of investment group TVC Holdings’s stake in banking technology group Norkom helped deliver a return of more than €13 million to shareholders in its last financial year.

TVC made a profit of almost €10.9 million from the sale of Norkom to BAE Systems which went through in March, shortly before the end of the investment group’s financial year on the 31st of that month. BAE paid €213 million for Norkom. TVC’s share of that was €42.8 million, which meant it realised a profit of €10.9 million.

Proceeds from the Norkom sale and an increase in the value of the company’s investment in broadcasting group UTV delivered a gross return of €13.7 million to TVC’s shareholders in the 12 months ended March 31st. The company’s equity value then was €106.4 million, which included cash and government bonds totalling €72 million. Its stake in UTV came to €24.8 million, an increase of 23 per cent.