Half Year Results10 Nov 2016 07:44
Group and portfolio developments
· Successful integration of Enterprise Ventures Group Limited ("EV") into the Group
· £5.7million invested in nine portfolio companies of which three are new 'Emerging Stars', taking total invested since IPO to £30.0million
o Two of three new Emerging Stars (Concepta plc and sureCore) originated from EV's managed funds, reflecting the benefit of enlarged pipeline of direct investment opportunities post EV acquisition
· Third party funds: £8.6million raised and £11.5million invested into 58 companies in the period. Total managed funds of circa £228.0million at period end
· Good progress across the portfolio. Notable highlights:
o Portfolio company Concepta plc admitted to trading on AIM in July 2016
o nDreams appointed by Google to make apps and experiences for Daydream, its virtual reality ("VR") mobile platform, together with the successful launch of nDreams' VR game, The Assembly
Financial highlights
· Investment portfolio fair value up by £8.5million or 22% to £46.6million as a result of £5.7million of net new capital invested and £2.8million of net upward fair value movements
· Net assets of £81.3million (2015: £80.2million)
· Cash and short-term liquidity investments of £24.0million (2015: £48.5million)
· Post-tax profit of £1.1million (2015: loss of £0.8million)
Post period end
· Circa £1.7million invested post period end, including £1.0million into Oxford Genetics and £0.5million into nDreams
· Oxford Genetics secured a £1.7million grant to fund further expansion