Eight Capital Partners PLC (LON:ECP) said it has “great expectations” for its next phase of development as it emerged from “a year of holding” in 2020.
In an outlook statement accompanying its full-year results, the investment company said that as Europe emerges from lockdown it is planning to monetise its first batch of investments as well as move forward with its “renewed focus on digitisation of financial services and fintech opportunities”.
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The firm said it is also aiming to leverage “many valuable strategic alliances” that it has formed and is continuing to form going forward.
For the year ended December 31, 2020, Eight Capital reported that operational activity was “relatively muted” but a reduction in legal and professional fees for due diligence was “more than compensated” by other professional costs incurred through its FIT exit and the Sport Capital redirection.
However, the company said it was able to provide rechargeable services to investees and reduce its operation costs, which when coupled with the profit in the portfolio allowed it to record a “significantly smaller” operating loss of £196,000 compared with a £329,000 loss in the prior year.
Meanwhile, the company reported that net assets at the end of the year stood at £0.04mln compared with £0.3mln in 2019, which it said was a reflection of the “braking effect of COVID-19”.