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(Alliance News) - TMT Investments PLC said Tuesday its net asset value rose over the first half of its financial year, as the venture capital firm's portfolio companies performed strongly in the period.
As at June 30, net asset value per share was USD3.66, up 30% from USD2.81 the same date the year before, and 19% higher from USD3.09 at the end of 2018.
In the six months to the end of June, TMT reported a gain on investments of USD18.9 million, up 60% from USD11.8 million the year before. As a result, pretax profit increased by 70% to USD16.4 million from USD9.6 million.
TMT said it has a portfolio of 25 companies, primarily focused on big data, e-commerce and software-as-a-service.
Events in several portfolio holdings contributed into the lift in net asset value, with USD29.5 million in positive revaluations from companies such as Backblaze, Bolt, PandaDoc, Workiz and aAgronom.
"We are delighted with our portfolio company performance in the first half of 2019. The company is increasingly recognised as one of very few AIM-quoted vehicles providing UK investors with exposure to earlier stage, primarily US-based, tech companies. Having exceeded USD100 million in net asset value, TMT continues to actively invest in promising tech companies across our chosen sectors, with the continuing objective of growing shareholder value," said Executive Director Alexander Selegenev.
Shares in TMT Investments were untraded on Tuesday, last quoted at USD4.31 in London.
