Banking entrepreneur Ken Murray's investment vehicle Labrador Coast, formerly Blue Planet Investments, made a pre-tax profit of £243,884 in 2011, up from £154,654 the previous year.
The company made unrealised losses on investments of £871,450, up from £476,963, but cut bank debt from £2.7 million to £2m.
Mr Murray's Malta-based Blue Planet Investment Management still runs the £11.5m Blue Planet International Financials investment trust. The trust is down 11% this year after losing 40% in each of the previous two years. It made a 61% return in 2009.
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Over 10 years, shareholders are nursing losses of 33%, Lipper figures from Investment Life & Pensions Moneyfacts showed.
Labrador Coast had shareholder funds of £1.8m in June 2011, down 25% from 2010. The company was started by Mr Murray in 2002 with £1000 of share capital and performed strongly before the financial crisis.