(Alliance News) - FastForward Innovations Ltd on Wednesday reported a rise in net assets at the end of its financial year but said market volatility caused a fall in its share price.
Net assets at March 31 totalled GBP19.1 million, up 41% year-on-year from GBP13.5 million. There also was a 16% rise in net asset value per share to 11.81 pence from 10.18p.
The investment firm's share price at March 31 was 9.79p, 47% lower than 18.35p a year before. FastForward attributed this to a "miscommunication with investors that has resulted in a lack of clarity on the focus of the company".
FastForward noted that it has a mixed portfolio of investments, including into crypto-currency and into companies in the technology and pharmaceutical industries.
Shares in the company were 3.6% lower at 6.80 pence each in London on Wednesday morning. The stock is well below its 52-week high of 14.00p.
Fastforward also reported a fall in its annual total income, shrinking by more than half to GBP1.4 million from GBP3.8 million. This was due to expenses rising sharply to GBP1.1 million from GBP345,000, and investment gains falling by 42% to GBP2.4 million from GBP4.2 million.
The political and macro-economic environment both in the UK and globally has created "volatility in different markets", FastForward said, affecting some of its portfolio companies.
The uncertainty surrounding regulation of crypto-currencies has hurt investees in that market, the company added.
Chair Lorne Abony said: "Whilst the move to a discount to net asset value is disappointing, the board is actively looking at ways in which to address and rectify this. Principally, we believe it would be valuable to refocus the portfolio of investments to show a clearer market focus and direction of travel to potential new investors.
"We are looking at ways in which we can improve the frequency of communications with shareholders regarding portfolio developments though, due to the nature of some of the investee companies, this has historically proved challenging and we have not been able to share as much information as we would have liked to."
