LONDON (ShareCast) - (Sharecast News) - Cellular agriculture investor Agronomics reported a 14% increase in its net asset value per share in its final results on Wednesday, standing at 16.94p on 30 June.
The AIM-traded firm recorded a substantial increase in net operating profit, reaching £25.75m for the 2023 financial year, up from £12.92m in 2022.

That figure was, however, prior to accounting for the Shellbay fee due, which amounted to £3.37m in 2023, compared to £4.56m a year earlier.

Net profit after tax and the Shellbay fee amounted to £22.37m for 2023, still showing a significant increase from £8.36m in 2022.

The company said its investment income, including net unrealised gains, came in at £29.7m compared to £6.42m a year earlier.

It said the carrying amount of invested assets also saw a substantial increase, reaching £141.77m, up from £94.81m.

Agronomics said its cash and cash equivalents, along with cash deposits, totalled £28.09m in 2023, down from £51.48m in the prior year.

Despite the decrease, the company's total assets increased to £170.2m by 30 June, compared to £146.4m at the end of the 2022 financial year.

Total liabilities amounted to £1.95m as of 30 June, down from £2.49m in 2022, including the cash portion of the Shellbay fee due, which amounted to £1.69m.

"This financial year has been another strong year of growth for Agronomics and has seen significant progress made across our diverse portfolio within the field of cellular agriculture," said the company's chair, Jim Mellon.

"We have made investments in new and existing portfolio companies across three main areas; cultivated meat and material, precision fermentation and enabling technologies.

"The portfolio continues to show great robustness in the market downturn, as shown by the number of funding rounds that continue to be achieved with uplifts."

Mellon said the firm believed its current investment portfolio contained many category leaders, and showed considerable promise for future growth, particularly given the scale of opportunity for the cellular agriculture sector.

"The board will also continue to seek new opportunities in line with its investing policy, and we look forward to the future with confidence."

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:

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