(Alliance News) - Sure Ventures PLC announced on Wednesday positive half year results as it saw pretax profit, income and net asset value per share rise.
For the six months to September 30, the London-based investment and venture capital company reported a pretax profit of GBP892,128, multiplied from GBP164,156 a year ago.
Sure Ventures more than tripled its net income which rose to GBP1.0 million from GBP311,071 the previous year.
Sure Ventures posted a net asset value per share of 107.22p, up 16% from 92p in March. The company said the improvement was due to a combination of an uplift in the valuation of VividQ Ltd, a Series A funding round uplift for Ambisense Ltd, and the continued improvement in the share price performance of its two listed investments of ENGAGE XR Holdings PLC and Immotion Group PLC.
In line with the previous year, Sure Ventures did not pay a dividend.
Shares in Sure Ventures were untraded at 95.25 pence on Wednesday in London.
Pires Investments, which holds a 24.9% stake in Sure Ventures, noted the interim results.
Pires Director Nicholas Lee said: "Performance over this period has been driven by consistent increases in both the value of the companies within the Sure Valley Ventures portfolio and its other direct investments. The outlook for Sure Ventures is also very exciting as this period of strong performance does not include the recent Admix funding which is expected to positively impact its results in the short term, along with the expectation of further funding rounds for companies within its portfolio."
Pires shares were down 0.5% to 5.97 pence each.
By Heather Rydings; heatherrydings@alliancenews.com
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Sure Ventures (SURE)