LONDON (ShareCast) - (Sharecast News) - Technology-focussed intellectual property company Tekcapital reported 16% growth in its net assets for its first half on Friday, to $26.18m (£19.81m).
The AIM-traded firm said its net asset value per share at period end on 31 May was 30 US cents, down from 35 cents at the end of the 2019 financial year.

Total revenue for the period came in at $2.86m, down from $5.4m year-on-year, while the fair value of its portfolio companies saw a net increase of $2.42m.

Revenue from services for the first half totalled $0.56m, down from $0.61m, as the firm reduced its operating expenses by 4% to $0.71m.

Service revenue cover was approximately 58% of the company's current cost base, the board said, compared to 63% in the first half of 2019.

Profit before tax for the period totalled $1.9m, down from $4.4m year-on-year.

During the first half, the company placed 14,800,000 new ordinary shares to raise gross proceeds of $0.96m in February, and 9,250,000 new shares to raise gross proceeds of $1.12m in May.

"We are pleased to report a successful half-year performance for the group, which has noted record net assets for the period and the achievement of important development milestones for most of its portfolio companies," said chairman Dr Clifford Gross.

"We believe our approach of acquiring and commercialising university innovations is demonstrating good progress towards our goal of improving the quality of life for customers whilst delivering significant returns on invested capital."

At 0910 BST, shares in Tekcapital were down 7.14% at 9.75p.

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