11th Feb 2020 11:29
(Alliance News) - Primorus Investments PLC on Tuesday reported a "great" final quarter of 2019 helped by its investment in Greatland Gold PLC.
"Whilst the fourth quarter of 2019 was again another period of solid growth across our diverse portfolio, it is fair to say that post-period (early 2020) has got off to an excellent start," Primorus said.
Primorus invested GBP625,000 into London-listed Greatland, and the value of this investment has roughly trebled to GBP1.9 million amid "outstanding drilling results" from the exploration company's Havieron licence in Western Australia.
The potential profit from its investment in Greatland stands at GBP1.3 million, and Primorus tips the investee's share price to rise even further.
Shares in Primorus were flat at 3.30 pence each in London on Tuesday morning. Greatland was 9.4% higher at 5.50 pence each in London on Tuesday morning. The AIM stock started 2020 priced at 1.83p.
Among Primorus's other investments is Truspine Technologies Ltd, a medical devices company. Primorus reported that Truspine is "moving fast towards a London IPO".
Primorus also expects a breakout year from its Australian food waste software investee Fresho Ltd, which will soon launch in the UK.
The company said: "Well-funded and ambitious, we believe Fresho can sweep the UK market in the same way it is sweeping the Australian and New Zealand markets."
By deployed capital, Engage Technology Partners Ltd, a software provider for the recruitment industry, remains the company's largest investment. Primorus has invested GBP1.5 million in the firm over four funding rounds.
Primorus said: "It has been a great quarter, and post-period. The key message is that whilst our investment in Greatland Gold has led us to potentially outsized profits, we really remain frustrated that our core portfolio of technology and energy investments is not gaining the recognition the board believes it deserves."
By Eric Cunha; [email protected]
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