Tekcapital posts 'record' first half results

(Sharecast News) - Intellectual property investment company Tekcapital reported "record" first half results on Monday, with net assets increasing 56% to $51.1m (£36.88m) at period end.
The AIM-traded firm said its net asset value per share at period end on 31 May totalled 39 US cents, up from 35 cents at the end of November.

Total revenue rocketed to $14.5m from $2.9m year-on-year, which was made up of a net increase of $13.8m in the fair value of its portfolio companies, while revenue from services improved to $0.72m from $0.56m.

Profit before tax totalled $13m, up from $1.9m in the first half of the 2020 financial year.

During the period, the company completed a placing of 38 million new ordinary shares at a price of 10p each, raising $5.3m before expenses, on 18 March.

Its cash position at period end was $2.5m.

"Our key portfolio companies are progressing well and should reach significant additional milestones by the end of 2021," said chairman Dr Clifford Gross.

"We are also pleased to highlight Belluscura's successful initial public offering during the period.

"We are excited about what we have achieved in the first half of 2021, and are bullish about our prospects for the remainder of the year."

At 1040 BST, shares in Tekcapital were down 1.63% at 23.86p. TekCapital