GNE Group pretax profit rises on gains from unit sale
* Pretax loss cont ops 3.3 mln stgv vs loss 183,000 stg
* Recommends Norcliffe's 190p/shr offer
* Records gain of 17.3 mln stg from sale of Petrol Express
March 19 (Reuters) - Petrol station operator GNE Group Plc GBNE.L posted a surge in 2008 pretax profit helped by a gain from the sale of its petrol retailing business and sites, and said it recommended shareholders to accept the offer from Norcliffe Investments.
However, pretax loss from continuing operations widened to 3.3 million from 183,000 pounds a year ago.
For the year ended Dec. 31, the company posted a pretax profit of 14.6 million pounds ($20.3 million), compared with 1.0 million pounds a year ago. Revenue rose marginally to 168.2 million pounds
GNE recorded a gain of 17.3 million pounds in October from the sale of its major operating subsidiary Petrol Express Ltd for 51.7 million pounds. This led to a rise in GNE's net assets of around 53 percent to 36.8 million pounds.
In December, GNE had said it planned to convert itself into an investment company in the technology sector.
Norcliffe Investments, which made a 190 pence-per-share offer for GNE last week, is an acquisition vehicle formed by the company's director Martyn Ratcliffe and North Atlantic Smaller Cos Investment Trust Plc.
Ratcliffe is also the chairman of software company Microgen Plc (MCGN.L).
GNE shares were unchanged at 186.5 pence at 0827 GMT. ($1=.7180 Pound) (Reporting by Tresa Sherin Morera in Bangalore; Editing by Gopakumar Warrier)
