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(Alliance News) - Tekcapital PLC on Friday said it swung to a loss in 2022 as its portfolio valuation fell.
The London-based intellectual property investment company said its net asset value at December 31 was USD0.38 per share, down 21% from USD0.48.
Tekcapital swung to a pretax loss of USD12.7 million from a profit of USD26.4 million the year prior, attributed to a net unrealised fair value reduction of USD11.0 million. The company's portfolio valuation was down 12% to USD54.9 million from USD62.5 million a year prior.
Tekcapital did not declare a dividend, unchanged from the year before.
Looking ahead, Tekcapital said it is "progressing well" despite NAV fluctuations and is confident in its portfolio companies's prospects.
Executive Chair Clifford Gross says: "We remain steadfast and excited about the commercial progress of our portfolio companies in 2022 and for their future prospects for the remainder of 2023. As per our mission and investment objective, we believe that all of our key portfolio companies have the potential to make a positive impact on the lives of the customers they serve, as well as produce meaningful returns on invested capital for our shareholders over the mid to long term."
Shares in Tekcapital were down 1.3% at 13.33 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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