21st Nov 2018 09:14
LONDON (Alliance News) - Syncona Ltd on Wednesday reported a more than doubled profit for the first half of its financial year, boosted by fair value gains amid a strong total return for the period.
For the six months to September 30, the life sciences investor's profit came in at GBP350,248 from GBP149,316 in the comparative half-year period a year ago. For the 12 months to March 31, profit was GBP172,831. Syncoma realised GBP340,268 net gains from the fair value of its financial assets.
At the end of September, Syncona's net assets amounted to GBP1.39 billion, or 208.1 pence per share representing a total return of 33%.
Chief Executive Officer Martin Murphy said: "Our differentiated model of founding, building and funding businesses has continued to gain momentum across the business in the first half. We have delivered excellent financial and operational performance, which has translated into strong NAV progression."
Looking ahead, Syncona is positive about the possibilities of the companies in which it invests.
"We enter the second half with strong momentum across our portfolio. Our companies continue to advance their business plans, strong pipeline of clinical programmes and preclinical product candidates. We believe they are well placed to continue to execute their clinical and regulatory processes, although such processes are not without risk," Syncona said.
The firm expects to complete investments at the top of its guidance of between GBP75 million to GBP150 million for the full-year, in order to add new companies and continue funding the existing nine in its portfolio.
Syncona shares were up 1.7% at 271.00 pence each.
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