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(Alliance News) - Primorus Investments PLC on Monday said it has shifted its focus to investees Fresho Pty Ltd and Engage Technology Partners Ltd, two of the company's main investments, as its smaller portfolio holdings "face significant challenges".
Fresho is an IT optimisation service provider focused on the hospitality sector.
"Fresho is growing rapidly again and emerging from Covid-19 in a more robust position," Primorus said, adding that Fresho navigated the challenges presented by a reduced hospitality sector very well.
Primorus said that workforce management platform provider Engage Technology Partners is essentially "Covid-19 proof" as the company thrives despite restricted economic conditions.
Primorus said its smaller investments, by contrast, face "significant challenges" and such challenges are not likely to be abated in the short to medium-term.
The investor reiterated, however, that it "finds itself in an extremely healthy position".
Primorus said: "The board believes that the company is positioned strongly at the present time to continue to review both prospective and existing investments without any need to commit capital unless presented with a compelling case to do so. We also believe that the current climate suits the company incredibly well, in that there are companies looking to raise capital at attractive valuations which we feel will be accretive to the company, especially following the further global rollout of vaccines."
Primorus added that it sees no need for regular quarterly releases due to the "lack of liquid investments held by the company", leading to updates being repetitive. Investment updates will subsequently be included in the interim and annual reports.
Primorus shares were down 10% at 4.05 pence each in London on Monday morning.
By Greg Roxburgh; gregroxburgh@alliancenews.com
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