We caught up with Dr Cliff Gross, CEO at Tekcapital, the UK intellectual property investment group focused on transforming university discoveries, and he talked us through the results for the six-month period ended 31 May 2021.
Financial highlights
• Net Assets increased 56% to US$51.1m (30 Nov 2020: US$32.7m)
• NAV per share US$0.39 (30 Nov 2020: US$0.35)
• Total Revenue of US$14.5m (H1 2020: US$2.9m)
o Net increase of US$13.8m in fair value of portfolio companies
o Revenue from services US$715,323 (H1 2020: $557,684)
• Profit before tax of US$13.0m (H1 2020: US$1.9m)
• Completed a placing of 38,000,000 new ordinary shares of 0.4 pence in the Company (“Ordinary Shares”) at a price of 10 pence each to raise US$5.3m before expenses on 18 March 2021.
• Cash position US$2.5m as of 31 May 2021.
“Our most important measure is NAV and our net assets value clicked over $50M
for the first time” said Cliff. “They were up over 56% over the last reporting period. So that’s something to write home about. And we are feeling quite bullish about the entire portfolio in the months to come – we think for good reason, and of course time will tell”.
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