The IP commercialization company, focused on the US, reported a pretax loss of
This was a result of finance cost reduction to
The adjusted value of Allied Mind's subsidiaries fell to
During 2017, the group invested a total of
Allied Minds' total revenue for the year nearly doubled to
Allied Minds President and Chief Executive Officer Jill Smith said: "We are pleased with the progress made in 2017 in terms of both the performance and focus of the portfolio and the steps taken to ensure a higher level of discipline in how we allocate capital and operate our subsidiaries."
"2018 will be another important year in which we expect to meet several key milestones. We believe the company is well positioned to realize returns for our shareholders," Smith added.
In the separate statement on Thursday, Allied Minds said that its Non-Executive Director Rick Davis will resign on May 23 after annual general meeting.
Davis has been with the company for seven years, performing various leadership roles including chair of the audit committee and remuneration committee, and most recently the senior independent director and chair of the nomination committee.
Allied Minds said that it appointed Kevin Sharer as senior independent director to replace Davis as a member of the audit committee and Peter Dolan as chair of the nomination committee.
Allied Minds Chairman Peter Dolan said: "On behalf of the board and employees of Allied Minds, I wish to thank Rick for his important leadership and contributions during his seven years of service to the company."
"We have greatly appreciated his dedication, experience, wealth of knowledge and insights he brought to board deliberations. Rick's experience, network and vision made him uniquely qualified to help set the strategy for the development of the federal laboratory partner network, which resulted in the formation of Federated Wireless, HawkEye360 and BridgeSat," Dolan added.
The stock was up 6.6% at