15th Aug 2024 19:19
TMT Investments PLC - Jersey-based venture capital investor in high-growth technology companies - Reports interim results at June 30. Net asset value per share and total NAV unchanged from December 31 at USD6.62 per share and USD208.1 million respectively. Reports pretax loss of USD27,612, narrowed from USD3.1 million a year ago. Administration costs rise to USD661,876 from USD641,077. At June 30, has cash and cash equivalent reserves of USD9.9 million and no debt.
Notes "divergence between good and poor performers during the period. Largest write down was Backblaze Inc which saw a USD3.2 million, 12% devaluation. Notes USD4.7m, over 11 times, increase in value of Praktika.AI during the period. Says will continue to target high-quality technology businesses with "cautious investment approach".
Executive Director Alexander Selegenev says: "TMT is well positioned to ride out the current market volatility and to continue investing in companies that meet our investment criteria, while disposing of investments, in whole or in part, where there is an opportunity to maximise shareholder value."
Current share price: USD2.75, closed up 2.6% in London on Thursday
12-month change: down 8.0%
By Aidan Lane, Alliance News reporter
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