Tekcapital PLC (LON:TEK) has reported a jump in revenue from services in the first half of the year as the value of its portfolio companies expanded.
The AIM-listed investment group, which specialises in commercialising university technology, reported revenue from services increased by 29% to US$639,561 in the period, while the fair value of its portfolio companies saw a net increase of US$638,852.
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The firm also reported a fall in pre-tax profits to US$105,996 from around US$1.55mln in the same period a year ago primarily due to the first-time recognition of fair value portfolio companies in the first half of 2017.
Tekcapital also reported a cash balance of US$1.41mln, down from US$1.79mln at the end of the previous financial year but carried no debt while net assets were up 35% on the same period last year at US$10.7mln.
Looking ahead, Dr Clifford Gross, chairman of Tekcapital, said that the firm’s current strategy was “likely to result in further increases in returns on invested capital, and profitability in the future”, adding that “the quickening pace of innovation” in its portfolio companies…should result in increased service revenues in the future and enhancement of the combined value of portfolio companies”.