LONDON (Alliance News) – TMT Investments PLC, which invests in high-growth technology companies, on Tuesday said it swung to an interim loss, although the net asset value increased.
For the six months ended June 30, the company swung to a pretax loss of USD2.1 million from a GBP2.5 million gain last year.
The net asset value per share grew to USD2.11 at the end of June from USD1.89 at the end of last year. This excludes the bonus USD610,107 accrued for the second year of TMT’s bonus plan, which it adopted in 2015.
The accrued bonus is equivalent to about 2.20 cents per share, bringing the bonus-adjusted NAV per share at the end of June to USD2.09, up about 11% from USD1.89 at the end of 2016.
Administrative expenses increased to USD518,093 from USD476,814 at the end of 2016 due to higher professional fees and the resumption of office rent payments from the beginning of April.
At the end of June the company had USD597,804 in cash and no debt.
During the period, the company made an an additional USD50,000 investment in Try The World Inc, an online speciality foods marketplace.
Since the period-end, TMT has received USD400,000 due to its partial exit from its investment in Wrike.
TMT also said it had three sizeable positive revaluations for USD7.4 million for its investments in US digital documents firm PandaDoc Inc, project management software company Wrike Inc, and Estonian transport company Taxify OU, which TMT said more than offset minor write-downs in other investments.
Executive director Alexander Selegenev said: “We are delighted with our portfolio company performance in the first half of 2017. In line with expectations announced in our 2016 annual report, we have had three sizeable positive revaluations to date in 2017. These have more than offset the minor write-downs that we have diligently exercised in order to maintain our portfolio valuation updated.”
“We continue to see exciting exit opportunities in our chosen sectors as shown by our recent partial exit from project management software company Wrike. This was achieved at a premium of 114% compared to the value of our stake at the end of December 2016. We are currently pursuing additional partial exit transactions for a number of our portfolio holdings,” Selegenev said.
Shares in TMT were untraded on Tuesday, last closing at USD 2.00 pence.
By Maryam Cockar; [email protected]; @MaryamCockar
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