Agronomics loss deepens as costs climb
By Duncan Ferris
Date: Friday 06 Dec 2019
(Sharecast News) - Agronomics on Friday reported a widened annual loss due to rising operating expenses, though the company said its portfolio showed "considerable promise".
The life sciences investment business booked a loss before tax of £0.3m for the year ended 30 June, 37% wider than in the year before, as operating expenses increased by 12% to £0.2m due to professional fees from new investments.
The total fair value of Agronomics' invested assets climbed by 11% to £1.2m.
However, the AIM traded company's NAV per share finished the year at 6.96p, down from 8.21p 12 months prior, as cash and cash equivalents fell by 25% to £0.4m.
Looking ahead, the company said it will concentrate on investing in environmentally friendly alternatives to the traditional production of meat and plant-based nutrition sources, identifying options that provide scalable and commercially viable opportunities.
Chairman Richard Reed said: "Our current investment portfolio shows considerable promise for future growth given the scale of opportunity to invest in the nascent alternative foods sector, and the board will continue to seek new opportunities in line with its investing policy."
Agronomics shares were up by 1.29% at 5.49p at 1239 GMT.
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