20th Aug 2015 08:33
LONDON (Alliance News) - Tekcapital PLC Thursday reported a narrowed loss in the first half of its financial year as it achieved a huge rise in revenue and it benefited from the integration of InventionEvaluator, which it acquired in 2014.
The technology and intellectual property services company said that its pretax loss in six months ended May 31 narrowed to USD659,936 from USD951,566 in the same period the year before, as revenue multiplied to USD287,488 from USD51,111.
Tekcapital said that the rise in revenue was a direct result of clients using the company's intellectual property services as well as the first full six months of revenue recognition from the acquisition of InventionEvaluator.
"During the first half of the year, we have established a strong foundation for future revenue growth including the commercial launch of our technology acquisition and out-license service. Furthermore, we believe that the 18 exclusively licensed intellectual properties we have acquired during the period, combined with increasing sales momentum, provide a strong foundation for further growth. All of these technology rights have been acquired for either cash or equity in Tekcapital, and we believe present significant up-side potential if successfully commercialised," Chairman Clifford Gross said in a statement.
"We therefore remain confident in our ambitions to create a marketplace for recognising and benefiting from the true underlying value of university intellectual capital," he added.
Shares in Tekcapital were untraded Thursday morning, last trading at 47.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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