In an exclusive announcement, Tekcapital (LSE:TEK) CEO Dr Clifford Gross told London South East that all four of his portfolio companies are making excellent commercial progress, with both Lucyd and Salarius already generating revenues, Bellescura to be manufacturing portable oxygen concentrators by the end of the year, and Guident to have a remote monitoring and control centre operational in Florida later this year.
Clifford told us: "Because they have progressed so well, it was the best year in the history of the company. Our net assets are now $32.7M, our sales were around $9.9M and our after-tax profit was about $7.7M. It was the best of times and the worst of times [due to Covid]".
As a result Dr Gross told London South East he fully expected each business to have either been sold or IPO'd within the next two years. "I see us exiting all of the businesses in two years time. All four of them will either be sold or floated in 24 months."
As to which was his preferred option for each business, Dr Gross said: "The one which produces the best value for shareholders, because our business model is to take a portion of those proceeds and to distribute them as a special dividend to our shareholders - the ones who have the patience to make the journey."
Dr Gross previously gives a detailed investment update on all four businesses: Guident, Lucyd, Bellescura and Salarius.