LONDON (Alliance News) - Allied Minds PLC on Monday reported a widened pretax loss in what it called a "successful" 2015, as it increased investment in creating four new businesses and developing its existing businesses towards commercialisation.
Allied Minds funds and develops start-up companies in the science and technology space.
The FTSE 250 company reported a pretax loss of USD98.0 million for 2015, widened from USD57.7 million in 2014, mostly as a result of higher selling, general and administrative expenses, and a big step up in research and development costs.
Revenue fell to USD3.3 million from USD7.7 million.
Allied Minds said its group subsidiary ownership adjusted value, a key metric for the company, rose to USD535.8 million as at the end of 2015 from USD488.0 million at the end of 2014.
The company formed four new businesses during the year, it said, including HawkEye 360, which is seeking to build and launch a constellation of small satellites, and BridgeSat, which is looking to develop an "on orbit optical connectivity system" to increase the speed, security and efficiency of data from Low Earth Orbit satellites and high-altitude unmanned aerial vehicles.
"We are happy to report a successful 2015 in which the group continued to make important strides in advancing its subsidiaries towards commercialisation. We invested in existing subsidiaries to accelerate their development, strengthened industry partnerships and also established new strategic relationships, and recruited highly talented individuals to the company," said Chief Executive Officer Chris Silva in a statement.
"We are confident that we will continue to execute on our strategy to drive early-stage technology towards profitable commercial success," Silva added.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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