(Alliance News) - Allied Minds PLC on Thursday said its revenue fell by a half in 2019 but it benefited from gains on investments.
The intellectual property commercialization company reported a decline in revenue to USD2.7 million in 2019 from USD5.6 million a year ago, mainly from non-recurring engineering and service contracts, reflecting the early stage nature of its portfolio companies.
During 2019, Allied Minds said an aggregate of USD104.0 million was invested into new and existing portfolio companies.
Despite that, pretax income rose to USD50.3 million from USD45.4 million, thanks to a USD41.2 million gain on investments held at fair value versus just a USD2.2 million similar gain a year prior.
Gains on deconsolidation of subsidiaries also grew to USD69.8 million from USD52.9 million.
"This has been a transformational year for the business. We have made significant progress in delivering our re-focused strategy, we optimised our cost base, right-sized the business, restructured the board and delivered substantial value for shareholders," said Chief Executive Joseph Pignato.
"Whilst the Covid-19 pandemic has brought global uncertainty, we remain focused on supporting our portfolio companies and maximising monetisation opportunities at the right time in order to deliver value to our shareholders in the coming years," added Pignato.
Allied Minds shares were trading 8.5% lower in London on Thursday at 36.98 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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