21st Aug 2020 09:06
(Alliance News) - Tekcapital PLC on Friday said its net asset value per share declined in the first half of its financial year following two share placings.
Shares in Tekcapital were down 4.6% at 10.02 pence in London in morning trading.
The UK intellectual property investor, which invests in and commercialises university technology, said its NAV per share as at May 31 was USD0.30, down from USD0.35 on November 30.
Although net assets increased 16% to USD26.2 million from USD22.5 million, the company raised USD962,000 from the placement of 14.8 million shares in February and USD1.1 million in May from a 9.3 million share placing. This resulted in NAV falling on a per share basis.
Tekcapital's total revenue fell to USD2.9 million from USD5.4 million, with significantly lower unrealised profit on revaluation of investments - USD2.3 million versus USD4.8 million previously - causing its pretax profit to fall to USD1.9 million from USD4.4 million.
Chair Clifford Gross said: "We are pleased to report a successful half-year performance for the group, which has noted record net assets for the period and the achievement of important development milestones for most of its portfolio companies. We believe our approach of acquiring and commercialising university innovations is demonstrating good progress towards our goal of improving the quality of life for customers whilst delivering significant returns on invested capital."
By Anna Farley; [email protected]
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