5th Aug 2015 09:29
LONDON (Alliance News) - AIM-listed investing company Tern PLC on Wednesday said its pretax loss narrowed in the first half of the year as it produced more revenue, though this was offset by investments it has made in its encryption services investee company Cryptosoft Ltd.
Tern said its pretax loss in the half to the end of June was GBP87,534, compared to a GBP93,079 loss it made a year earlier, as it generated GBP60,000 in revenue, compared to GBP10,000.
That was offset by the investments the company has been making in Cryptosoft, and it said it will focus in the second half on continuing to expand the investee company's business as it prepares it for an eventual sale. Tern owns 95% of Cryptosoft with the remaining 5% held by Cryptosoft employees.
Tern said the value of the assets on its book rose to GBP421,580 by the end of June, up from GBP85,092 a year earlier.
Tern shares were down 12% to 13.55 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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