23rd May 2025 10:40
(Alliance News) - Tekcapital PLC on Friday reported a sharp swing to profit for 2024, as two portfolio company listings and valuation increases across its investment holdings drove a record year of growth for the intellectual property commercialisation firm.
For 2024, the London-based company posted a pretax operating profit of USD19.2 million, reversing a USD12.7 million loss the year prior. Diluted earnings per share rose to 10 cents from a 9 cent loss.
Net assets climbed 46% to USD70.1 million from USD47.9 million, and the net asset value per share increased to USD0.33 from USD0.27. Portfolio valuation rose 50% year-on-year to USD61.5 million.
Portfolio return and revenue surged to USD21.2 million in 2024 from a loss of USD13.0 million the prior year, driven primarily by gains in the fair value of portfolio investments.
Executive Chair Clifford Gross credited the performance to "strong commercial progress" across Tekcapital's holdings, including the initial public offerings of MicroSalt PLC and GenIP PLC on AIM. With those listings, four of Tekcapital's five portfolio companies are now public.
Tekcapital said it had the lowest administrative expenses among its UK-listed peer group, at just USD2.0 million for the year, down 26% year-on-year.
Tekcapital also noted it completed share placings totalling USD3.6 million during the year, compared with USD5.0 million in 2023.
Shares in Tekcapital were up 14% at 9.15 pence each on Friday morning in London.
By Eva Castanedo, Alliance News reporter
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Related Shares:
MicrosaltGenip PlcTekCapital