Glorified management consultant ANGLE raised £9m at March's flotation. Its integrated model combines consulting and management advice, from which it earns revenues, with a venture investment arm, aiming to create capital growth. Relationships forged through the former help ANGLE spot and exploit valuable IP for the latter, giving ANGLE stakes in a portfolio of 'progeny' ventures. Maiden figures to 30 April proved the model's success, with total income for the year up 165% to £5.27m. Actual turnover improved 45% to £2.87m, turning losses of £350,000 into a £2.33m pre-tax profit, mainly thanks to exceptional profits of £2.3m on the disposal of Exago, a software developer acquired by Corpora shortly after ANGLE's AIM arrival. Bullish chief executive Andrew Newland says ANGLE made a return of 11 times monies invested in less than two years. 'Because we invest so early in the process, we look for a high multiple,' he explains. Net cash at the year-end was a bumper £8.25m and ANGLE's consulting and management businesses entered the new financial year with a buoyant order book of £3.23m. Newland is particularly excited about Provexis, a nutraceutical venture formed by ANGLE which develops foods to improve cardiovascular health. ANGLE has since been diluted down to a 32% stake, but has high hopes for the company. We like this business, which grabs valuable IP early thus creating the potential for high returns.