6th Dec 2019 10:12
(Alliance News) - Agronomics Ltd on Friday reported a reduction in net asset value per share but said its portfolio has a "promising" future growth opportunity.
The AIM-listed life sciences investor said its pretax loss in the year to the end of June widened slightly to GBP288,919 from GBP211,406 a year earlier due to an increase in operating expenses.
The company said it has recorded additional expenses due to professional fees incurred in making new investments.
The company's NAV per share as at the end of June was 6.96 pence versus 8.21p a year before.
The stock was trading 1.3% higher in London on Friday morning at 5.49p a share.
Agronomics total assets stood at GBP1.7 million as at the end of June compared to GBP1.9 million a year prior. Tthe fair value of Agronomics' invested assets increased to GBP1.3 million as at the end of June, it said, from GBP1.1 million a year prior.
The company's net asset value per share fell further to 5.5 pence as at the end of September 30, it said, following a GBP4.5 million fundraising in July. Agronomics went on to raise another GBP20 million in November in a placing at a price of 5.5p.
"Our current investment portfolio shows considerable promise for future growth given the scale of opportunity to invest in the nascent alternative foods sector, and the board will continue to seek new opportunities in line with its investing policy," said Chair Richard Reed.
By Evelina Grecenko; [email protected]
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