26th Aug 2020 10:17
(Alliance News) - FastForward Innovations Ltd on Wednesday reported a fall in annual net assets but the investor hailed its performance has "largely" positive.
Net asset value at March 31 fell by 25% to GBP14.2 million from GBP19.1 million. NAV per share declined at the same pace to 8.82 pence from 11.81p.
Shares were 7.9% lower at 11.40p each in London on Wednesday morning.
"This has largely been a positive year for FastForward as we focus on delivering our core objective of providing investors with exposure to disruptive growth opportunities that have near-term re-rating potential and would otherwise be inaccessible. During the last 12 months, several of our eight investee companies have been active, with a number of them showing particular promise," FastForward said.
FastForward has a mixed portfolio with investments in companies in the medicinal cannabis, gaming and blockchain sectors.
"Our investments within the medical cannabis space have been particularly exciting," FastForward said.
Gaming firm Leap Gaming is among those that have "prospered" amid the Covid-19 pandemic, the investor noted.
FastForward added: "Not all our investments have experienced quite such a smooth ride. For example, our investee company Factom has experienced significant difficulties during the year and we took the prudent decision to write the value of the investment down to nothing."
FastForward did not pay a dividend, unchanged from the year prior.
By Eric Cunha; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
FFWD.L