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(Alliance News) - Tekcapital PLC on Wednesday said its performance improved over its most recently ended financial year but it expects mixed results going forward, amid the Covid-19 health crisis.
The company, which invests in intellectual property, said net asset value per shares at the end of November 2019 stood at USD0.35 compared to USD0.30 a year prior.
Portfolio valuation increased 48% during the year to the end of November 2019 to USD20.3 million from USD13.7 million.
Tekcapital said it generated revenue of USD7.7 million, up from USD6.8 million a year ago, taking pretax profit higher, to USD5.5 million form USD4.6 million.
Looking forward, the company said it is confident that continued investment in its portfolio companies remains the right approach for long-term value creation.
Additionally, Tekcapital said it is currently exploring early stage venture funding for a number of our portfolio companies.
"Whilst it is clear that the company is progressing very well, net asset values will fluctuate from period to period due to individual portfolio company performance, valuations and changes in market conditions and macro-economic financial conditions including the recent coronavirus epidemic," noted Chair & Chief Executive Clifford Gross.
AIM-listed Tekcapital shares were trading 13% higher in London on Wednesday at 19.20 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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