12th Nov 2019 17:13
(Alliance News) - Tern PLC said on Tuesday the revenue of its principal portfolio companies for the nine months ended September 30 was ahead compared to the same period last year.
The Internet of Things company said since June 30, it has invested GBP1.1 million in its portfolio companies, and has also raised a further GBP1.75 million through an equity subscription in November.
The company said the majority of revenue attainment is often delivered within the fourth quarter "as is common in early stage businesses".
"Our principal portfolio companies have opportunities that if concluded, will enable them to meet the company's expectation that the year-on-year turnover of principal portfolio companies will increase by 50%," the company said.
Tern shares closed down 2.2% in London at 8.94 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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