11th Dec 2019 10:43
(Alliance News) - FastForward Innovations Ltd on Wednesday reported "positive" performance in the first half of its current financial year amid improvement in its net asset value.
The AIM-listed investment fund said NAV per share as at the end of September stood at 12.63p, up 6.9% from 11.81p a year prior.
During the period, several investee companies have been active, FastForward noted, with medical cannabis firm EMMAC Life Sciences Ltd raising GBP15 million via the issue of convertible loan notes. FastForward noted that EMMAC's fundraise reflects the continuing attraction of the business to investors despite the regulatory difficulties facing the sector.
Meanwhile, FastForward said its investments within the technology sector are also showing promise
"This has been a positive period for FastForward as the value of its investments in fast-growing, industry leading businesses, specifically in the life science, health and technology arenas, become apparent," said Chair Lorne Abony.
"Looking ahead, this is an exciting time for FastForward as our investee companies make notable progress towards building revenue/profits and becoming leaders in their niche markets, which we hope will ultimately lead to a liquidity event," added Abony.
The stock was trading 0.6% lower in London on Wednesday morning at 6.16 pence a share.
By Evelina Grecenko; [email protected]
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