LONDON (ShareCast) -

Across the year ended 30 November, the AIM-traded company reported a 51% increase in its net assets compared to the prior year, rising to a "record" level of $16.13m, while its portfolio valuation increased 88% to $13.70m.

Meanwhile, the company's profits before tax increased by 9.5% to $4.56m as a 29% reduction in operating expenses to $1.72m offset a 5.9% fall in net revenues to $6.83m.

Cash and cash equivalents stood at $1.17m as at 30 November, down from $1.80m at the same point the year before.

Clifford Gross, chairman of Tekcapital, said: "I'm delighted to report that through the collective efforts of our dedicated and capable team we have achieved record net assets in 2018. The continued development of our portfolio companies, Salarius, Lucyd, Guident and Belluscura coupled with improved service revenues has taken the company to a new level of financial performance, whilst we simultaneously reduced our operating expenses by 29%."

Looking ahead, the company is looking into investment in intellectual properties related to cannabidiol, also known as CBD, which is a medicinal compound found in the cannabis plant that has been used to treat various neurological disorders.

"Whilst it is clear that the company is progressing very well, please note that net asset values will fluctuate from period to period due to individual portfolio company performance, valuations and changes in market conditions and macro-economic financial conditions," said a statement from Tekcapital.

Tekcapital's shares were up 25.32% at 7.30p at 1612 GMT.

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