4th May 2018 14:52
LONDON (Alliance News) - Tekcapital PLC said on Friday that it swung to profit in 2017 after securing a significant gain on on the revaluation of portfolio companies.
The technology and intellectual property services provider said pretax profit in the year ended November 30 was USD4.2 million compared to USD2.6 million loss the prior year.
Profit performance was helped by an unrealised profit on the revaluation of portfolio companies, which totalled USD6.1 million versus no such income the prior year.
Administrative expenses also came in lower year-on-year at USD2.4 million compared to USD2.9 million.
Revenue from services and products rose 25% to USD953,167 from USD764,777 a year earlier, reflecting growth in the Latin American market and technology transfer services.
"In the past year we have made good progress with both the growth of our portfolio companies and with our service and product revenue," said Executive Chairman Clifford Gross.
"Having continued to develop and expand Tekcapital's business, the board is confident that continued investment in growth remains the right policy," Gross added.
Shares in Tekcapital were trading 26% higher at 19.60 pence per share on Friday.
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