NetScientific PLC (AIM:NSCI) described 2022 as a year of good progress with “ample room for growth and development” as net assets increased.
The firm, which identifies, invests in and builds high-growth companies in the UK and abroad, reported revenue in the year ended 31 December 2022 eased slightly to £1.0mln from £1.1mln the year prior while the pre-tax loss widened to £3.7mln from £2.9mln.
But the directors' valuation of the company's portfolio increased by around 35% to £41.8mln from £31.0mln and net assets climbed 36% to £25.2mln from £18.5mln.
“This was a year of good progress for the company as shown in the results. The implementation of its planned growth strategy has delivered both strategically and tactically,” Net Scientific said in a statement.
“The company now has a robust investment model with ample room for growth and development, offering the potential for substantial investment returns from a maturing portfolio.
“Its early advantage in the deeptech sector positions it to become a key player in the next phase of the VC industry.”
It said the focus for 2023 will be to progress its sustainable business model through the generation of more fees from EMV Capital, selective divestments, external funding for subsidiaries and by expanding its funds practice.
The firm also named Charles Spicer as its new independent non-executive chair, a role he will assume after the company’s AGM on or around 29 June. Spicer will succeed interim non-executive chair Jonathan Robinson.