17th Feb 2025 17:01
(Alliance News) - Shares in Tekcapital PLC rose on Monday after the intellectual property investment firm reported a 38% increase in its portfolio value at the end of 2024, reflecting "strong" performance across its holdings.
Shares in Tekcapital were up 13% at 10.35 pence in London on Monday afternoon.
The London-based intellectual property investor said the value of its investment portfolio reached USD64.2 million at year-end. The growth was driven by key milestones at its portfolio companies, including the AIM listings of MicroSalt PLC and GenIP PLC in early 2025.
Tekcapital Chair Clifford Gross said: "We are excited to provide this 2024 summary report which describes a few of our portfolio company achievements and their contribution to our profitability and growth. In 2024 our unaudited net assets reached USD65.1m, an increase of around 36%, over the previous year, with an net asset value per share of USD0.31 or GBP0.25.
The company highlighted that four of its five portfolio firms are now publicly listed, with Guident Ltd, its autonomous vehicle safety technology business, preparing for a Nasdaq listing in 2025. It also noted continued commercial success at its other holdings, including Innovative Eyewear Inc and Microsalt PLC, which has secured new B2B orders from a major snack food manufacturer.
The company said it has outperformed broader market indices, with its share price rising 27% in 2024, compared to a 5.5% decline in the AIM All-Share index.
Despite its portfolio growth, Tekcapital said its shares continue to trade at a significant discount to NAV, at approximately 64%, compared to an average discount of around 17% for UK closed-end funds. It said this gap may narrow as its portfolio companies achieve further milestones, particularly if Guident completes its planned public listing.
Tekcapital said its focus remains on identifying and commercialising university technologies in high-growth sectors such as sodium reduction, respiratory care, autonomous vehicle safety, smart eyewear, and AI-driven innovation.
The company said that its operating costs remain the lowest among peers, with administrative expenses of USD2.2 million in 2024.
By Eva Castanedo, Alliance News reporter
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