17th Jul 2020 11:17
(Alliance News) - Catena Group PLC on Friday said investee Insight Capital Partners Ltd recorded a swing to profit for financial 2020.
Catena holds a 9.1% stake in artificial intelligence company Insight and retains an option to increase its shareholding to 30%.
The venture capital firm said Insight posted revenue of GBP2.8 million and pretax profit of GBP470,000 for its financial year ended March 31. For comparison, in financial 2019, a pretax loss of GBP1.1 million was recorded on revenue of GBP700,000
Catena said since March, Insight has continued its profitable growth into the second quarter of 2020 and has recently launched a beta version of its "Portfolio Insights" tool, which provides asset managers with capabilities to develop and test investment strategies using a scalable cloud infrastructure with access to 20 years of US and European market data.
London-based Catena said it has been granted a three month extension for the publication of its results and now expects to publish its 2019 results by the end of August.
The stock was untraded on Friday morning in London, last quoted at 45.60 pence each.
By Ife Taiwo; [email protected]
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