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(Alliance News) - Tern PLC said its portfolio companies have delivered a "resilient performance" amid year-on-year growth in annual recurring revenue.
The London-based investor focused on the internet of things technology business said its aggregate value of portfolio companies' ARR contracts grew by 97% in 2022. Meanwhile, Tern said its companies delivered aggregate year-on-year revenue growth of 5%.
Tern added that its portfolio companies increased employee numbers in aggregate by 66% to 219 people from 132 employees the year prior. ARR per employee increased by 19%, the company added.
Tern noted that Device Authority's growth in multi-year bookings and recurring revenues from its software security platform, Keyscaler, as well as Wyld Networks's launch of its satellite IoT network service, were "particular highlights" for the company.
Looking ahead, Tern said it is "driving and assisting" its portfolio companies with their efforts to achieve breakeven as soon as possible in light of rising interest rates.
The company said it expects to release its final results for 2022 in late May.
Shares in Tern were down 7.9% to 5.99 pence each in London on Tuesday at midday.
Chief Executive Officer Al Sisto said: "It is encouraging to see such a resilient performance from our portfolio companies, with revenues growing, increases in headcounts and all winning important new customers during a time when technology company valuations are under pressure across the global market.
"We believe that Tern and its portfolio of companies is well placed to weather the storm."
By Sabrina Penty; Alliance News reporter
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