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(Alliance News) - Adams PLC on Thursday reported a poor first-half performance with an equity raise in April bringing down net asset value per share.
Adams shares plummeted to 11% to 8.02 pence each in London on Friday morning.
The Isle of Man-based technology and life sciences investor posted a pretax loss in the six months that ended September 30 of GBP648,000, swinging from a profit of GBP3.1 million a year ago.
Adams saw a loss from investments of GBP567,000, compared to a return of GBP3.2 million last year.
Net assets increased to GBP8.6 million at September 30, rising 65% from GBP5.2 million at March 31. Meanwhile net asset value per share fell 5.9% to 5.87 pence from 6.24p.
The GBP3.4 million increase in net assets reflects the GBP4.06 million share issue in April.
Looking ahead, Adams said: "We remain confident in the underlying fundamentals, technologies and long-term potential for growth at the companies within our investment portfolio, many of which are in sectors that are regarded as defensive stocks in the current environment."
By Greg Roxburgh; gregroxburgh@alliancenews.com
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