23rd Sep 2022 10:12
(Alliance News) - Tern PLC on Friday said it was optimistic for the second half of 2022 as its net asset value fell and half-year loss widened in the first half on macroeconomic uncertainties.
Tern is an investor focused on the internet of things. Its shares dropped 13% to 8.99 pence each in London on Friday morning.
NAV per share fell to 8.5 pence per share at June 30 from 9.2p at December 31, 2021.
Pretax loss in the first half of the year widened to GBP2.4 million from GBP718,465 a year ago.
"The first six months of 2022 were a difficult time for capital markets and venture capital investing as a result of the war in Ukraine, political instability, rising inflation and macro-economic headwinds felt across the world. These greater economic uncertainties and geopolitical risks have negatively impacted the economic environment across many sectors," Chief Executive Officer Al Sisto said.
However, the company noted that monthly recurring revenue in the period more than doubled.
Looking ahead, Tern said that it is optimistic about the second half of 2022, although it remains aware of the economic and geopolitical environment.
"We believe that as a result of the current uncertainty and the lessons learned from the pandemic, governments and enterprises will continue to require the acceleration of digital transformation of their operations. We believe that this will be a transformation driven by the types of IoT technology products and services that are the core focus of our network of companies, which are now becoming a critical mandate for success in the New Normal," Sisto added.
By Tom Budszus; [email protected]
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