LONDON (ShareCast) - (ShareCast News) - Shares in Tern plunged over 12% on Wednesday, even though the investment company posted a narrower interim loss.
In the six months to 30 June, the London-listed company recorded a pre-tax loss of £87,534, 9.8% narrower than in the corresponding period a year ago, while revenue surged to £60,000 from £10,000.

The group said the investments it made since its admission to AIM in 2013 have progressed well, with particular progress being made on the development of its Cryptosoft software, which was acquired by the group in 2014.

In a statement released on Wednesday, the company said it had imposed a tight control on costs while the portfolio was being developed, adding it expects £300,000 of liabilities owed to directors to be converted to share capital in due course, which will strengthen the balance sheet.

"M&A activity continues to be a feature of the sector with multinational corporations regularly acquiring niche players in North America and Europe in the first half of 2015, which gives confidence that exits by trade sale are a real option," said group chairman Angus Forrest.

Tern shares were down 9.82% to 13.86p at 1153 BST on Wednesday.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE