21st May 2015 12:18
LONDON (Alliance News) - Tekcapital PLC Thursday said it remained loss-making in the financial year that ended at the end of November.
Tekcapital said it made a USD993,569 pretax loss in the year to end-November, compared with a USD44,709 pretax loss for the period between June 27, 2012 and November 30, 2013. Revenue increased to USD210,337 from USD35,213, while administrative expenses increased to USD1.1 million from USD79.9 million.
Clifford Gross, the company's chairman and chief executive, said the company is confident of growth in its portfolio of intellectual property assets developed by universities, growing its client base and cutting fixed operating costs.
"The directors are confident that meaningful revenues will arise from the sub-licensing or on-sale of rights held in its new IP portfolio. With an increasing number of companies making ever faster and more disruptive use of innovative ideas sourced exogenously, and with patented university technologies an increasingly valued currency, the market opportunity for the Group is both very large and continuing to grow," Gross said.
It has completed a GBP2.2 million placing and acquired exclusive rights to 16 intellectual properties in the areas of food processing, diabetic monitoring and advanced optics since the last financial year ended.
"We are proud of our international client base and recent wins demonstrate that our offering continues to gain the attention of significant blue chip global companies as well as young, dynamic businesses. We have expanded our technical and sales team, developed alliances with new strategic partners and continued to extend the areas of coverage of our science advisory board," Gross said.
"We believe our technology out-licensing service provides significant, additional upside for our shareholders and post-period end, the Group has acquired the exclusive rights to 16 exciting and potentially disruptive technologies. With our successful fundraising post period end, we have a solid foundation which places us in a good position to grow the business and facilitate the creation of value from university intellectual capital," Gross said.
Tekcapital listed on AIM in April 2014, raising GBP2 million through a placing of 8 million shares at 25 pence each.
Shares in Tekcapital were up 1.7% at 33.80 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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