10th Feb 2015 09:55
LONDON (Alliance News) - Tern PLC Tuesday posted a swing to a pretax loss in 2014, as an exceptional credit in the previous year did not repeat, but the investment company said it has made "good progress" with its strategy.
The company posted a pretax loss of GBP53,695, compared to a pretax profit of GBP235,955 a year before.
It posted revenue of GBP41,000 in 2014. In 2013, Tern did not produce revenue. However the company's results were boosted in 2013 by a GBP1.0 million exceptional gain when it sold its oil and gas interests and entered into a company voluntary arrangement, as part of its reorganisation into an IT-based investment company.
Since this reorganisation the company has made investments in Cryptosoft Ltd, Flexiant Corp Ltd, Push Technology Ltd and Seal Software Group Ltd. It said these companies performed well during the year, making good progress against their development strategies.
It has net assets of GBP943,631 at the end of 2014, compared to GBP24,638 at the end of 2013, resulting in a net asset per share of 2.09 pence compared to 0.23 pence.
Tern cited strong growth in the cloud and mobile markets, and acquisitions made by large corporations, as reasons for confidence that it will attract acquisitive interest in its investee companies.
"We have made good progress against our stated strategy of investing in established private software companies operating in the fast growing cloud and mobile sectors," said Executive Chairman Angus Forrest.
Shares in Tern are trading up 3.7% at 6.22 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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