13th Feb 2014 11:50
LONDON (Alliance News) - Tern PLC said Thursday it had swung to a pretax profit for the year in its first accounts announcement since commencing a restructuring and reorganisation programme in August last year.
The cloud and mobile technology sector-focused firm said it swung to a pretax profit of GBP235,955 for the year to December 31 2013, after reporting a GBP5.02 billion loss in 2012.
The results come just a few months after the firm commenced a reorganisation and refinancing of the company, formerly known as Silvermere Energy PLC, during which is has worked to reduce overheads. This began in August with oil and gas assets and liabilities being sold off and concluded with the successful completion of the Company Voluntary Arrangement in December 2013.
The firm's balance sheet was last year hit with a GBP4.1 million loss after the group disposed of the subsidiary and the assets and liabilities associated with its oil and gas exploration and production operations, said Tern.
The company said it is now investing in established hyper growth private companies and aiming
to deliver short term venture capital-type returns to shareholders. During the reporting period, the firm invested GBP100,000 for 1% in Flexiant Limited, a global provider of cloud orchestration software.
The company said in a statement, "Since its formation in August last year we have successfully restructured the company, strengthened the board and made our first investment in an exciting cloud software company with a compelling market opportunity in a rapidly growing sector."
Shares in Tern were trading up 8.33% at 3.125 pence per share Thursday, one of the biggest gainers on AIM.
By Alice Attwood; [email protected]; @AliceAtAlliance
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