Tern says portfolio company revenue rising; on track to meet guidance

Tue, 12th Nov 2019

Internet of Things investor Tern said revenue generated at its six portfolio companies had grown in the nine months through September. Since the end of June, the group said it had invested £1.10m in its portfolio companies, predominantly in the form of convertible debt. It had also raised a further £1.75m through an equity subscription in November. Tern said that, as is common in early stage businesses, the majority of revenue attainment is often delivered within the fourth quarter. '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%,' it said. 'We also anticipate continued growth in employee headcount within the principal portfolio companies by the year end, particularly in the light of the recent further funding of FundamentalVR and DA.' 'The company is in discussions regarding several potential new investments although none of these are at an advanced stage of negotiation.' At 8:13am: (LON:TERN) Tern Plc share price was +0.1p at 9.25p Story provided by StockMarketWire.com

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