TekCapital Share News (TEK)

(Sharecast News) - Tekcapital shares climbed on Thursday as interim revenue and profit soared on the back of an increase in the value of the company's investment portfolio.
The AIM traded company achieved revenue of $5.4m for the six months ended 31 May, up from $1.3m in the same period last year after a $4.8m net increase in the fair value of its portfolio companies, sending profit before tax leaping higher from $0.1m to $4.4m.

Net asset value per share meanwhile increased from $0.30 at the beginning of the period, to $0.38 at the end.

The intellectual property company said it remains confident that continued investment in its current portfolio companies remains the right approach, though the board are continuing to explore the possibility of a new investment in the cannabidiol space.

However, the company cautioned that 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.

Clifford Gross, chairman of Tekcapital, said: "We are pleased to report successful half-year performance for the group, which has noted record total revenue, profits and net assets for the period whilst reporting important development milestones for its portfolio companies. We believe our unique approach of acquiring and commercialising university IP innovations, coupled with providing a range of IP services continues to deliver strong returns on invested capital."

Tekcapital shares were up 10.29% at 7.50p at 1250 BST.