15th Aug 2023 09:58
(Alliance News) - TMT Investments PLC on Tuesday reported a lower net asset value as it reported a loss on investments.
The venture capital investor in high-growth technology companies said net asset value as at June 30 was USD6.32 per share, down from USD6.41 at December 31 and from USD6.68 a year ago. It reported a pretax loss of USD3.1 million, narrowed from USD73.0 million a year before.
The company reported a loss on investments of USD2.6 million for the first half of 2023, compared to USD72.1 million a year ago.
"2022 and 2023 saw a dramatic change in the venture capital and technology company environment, with most investors 'returning to basics' by supporting ultimately profitable business models at sensible valuations. Start-ups have now realised that the 'growth at any cost' approach has been replaced with a focus on 'fundamentally profitable growth at the right valuation'. As a result, start-ups' success/survival rate is now largely defined by their ability to reposition and adjust to this changed market environment," the company said.
Looking ahead, TMT said that while exercising caution, investors continue to invest in technology businesses despite ongoing market and political volatility.
TMT Investments shares rose 1.8% to USD2.90 each on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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