(Alliance News) - Agronomics Ltd on Wednesday said its annual profit soared on higher income, and saw its net asset value rise.
The Isle of Man-based venture capital firm, which invests in the cellular agriculture field said NAV per share at June 30 rose 14% to 16.94 pence per share from 14.85p per share the year before.
Pretax profit jumped to GBP22.4 million in the financial year ended June 30, from GBP8.4 million a year prior, as investment income, including net unrealised gains, more than tripled to GBP29.7 million from GBP6.4 million the year before.
Agronomics did not declare any dividends, unchanged from a year ago.
Looking ahead, Chair Jim Mellon said the firm's investment portfolio "shows considerable promise for future growth, particularly given the scale of opportunity for the cellular agriculture sector."
"The board will also continue to seek new opportunities in line with its investing policy, and we look forward to the future with confidence," he added.
Shares in Agronomics were up 2.9% at 9.62 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Agronomics (ANIC)