LONDON (Alliance News) - TMT Investments PLC Tuesday said its net asset value was unchanged between the start and end of the first six months of its financial year.
In a statement, TMT, which invests in internet-based companies across a number of sectors, said its NAV per share was USD1.30 at the end of June.
It said a number of its portfolio companies are "experiencing rapid growth but lack recent corporate finance transactions to record increased valuations." However, some portfolio companies prove unsuccessful, reflecting the early-stage nature of its investments, TMT added.
TMT took a USD485,825 impairment charge for the entirety of its investment in Graphicly Inc, an e-book publishing and distribution platform that in May decided to wind up operations. TMT said it is trying to recover its investment but said the decision to take the impairment charge was prudent.
Meanwhile, the company's investment in Gild Inc, which and ranks IT programmers by using big data and its own proprietary algorithm, completed a new equity financing round, resulting in a USD379,000 uplift in the fair value of TMT's investment at the start of the period.
TMT has invested in over 35 companies since its floatation in December 2010. It invested USD860,000 in five new companies over the first-half of the financial year.
"We continue to have a strong pipeline of new investment opportunities, and intend to complete a number of new and follow-on investments by the end of 2014. With a number of our portfolio companies experiencing rapid growth, we expect a number of positive revaluations of our investee companies. At the same time, given the risky nature of earlier-stage venture capital investments, we expect some negative revaluations in due course as well," Executive Director Alexander Selegenev said in a statement.
TMT shares were Tuesday quoted down 1.0% at USD1.90.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Tmt Investments (TMT)