9th May 2018 13:26
LONDON (Alliance News) - MXC Capital Ltd said Wednesday its loss for the six months to February 28 narrowed significantly due to a less steep fall in the value of its investments compared to a year before.
The movement in fair value of the company's investments showed a GBP5.1 million loss in the recent half, an improvement from a GBP15.7 million loss a year ago, resulting in a narrowed pretax loss of GBP6.1 million from GBP16.8 million.
The technology-focused investor's revenue halved to GBP296,000 from GBP581,000 year-on-year. The fall in revenue was a result of a change in the group's operating model in which former partners of MXC now are employed directly by MXC's investee companies instead.
The company's net asset value stood at 1.88 pence per share, slightly up from 1.87p a year before. The underlying portfolio and liquid assets were valued at 1.53p per share, down from 1.63p.
MXC Capital said its portfolio was valued at GBP46.4 million on February 28, down from GBP53.4 million a year before. It said the reduction was primarily due to the decline in valuation of IDE Group Holdings PLC, which reported disappoint 2017 results, MXC said.
MXC said it remained confident of driving shareholder value from its new business relationships and existing portfolio.
Shares in MXC traded 5.9% lower at 1.36 pence in early afternoon.
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MXCP.L