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LONDON (Alliance News) - Tern PLC on Tuesday said its pretax loss widened in 2015 despite the group making more revenue, as this was offset by higher administration costs and a share-based payment.
The technology-focused investment company, which owns a majority stake in encryption services company Cryptosoft Ltd, said its pretax loss for the year to the end of December was GBP185,121, compared to a GBP53,695 loss a year earlier.
Revenue rose to GBP162,500 from GBP41,000, boosted by Cryptosoft, but administration costs rose to GBP298,896 from GBP161,654 and the group made a share-based payment of GBP99,523, having booked no such cost a year earlier.
"Tern has achieved much in its first two years including establishing a portfolio of prospering private information technology companies. As our portfolio companies become more established, so the pace of their growth is increasing," said Angus Forrest, Tern's executive chairman.
Tern shares were down 5.4% to 10.64 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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