Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Quantum Exponential Group PLC on Wednesday posted a maiden profit, as it gained on investments.
The London-based quantum technology investment firm started trading on AQSE in November 2021.
Pretax profit in the period from April 9, 2021 to April 30, 2022 stood at £343,933. The gain on fair value adjustments on investments was £1.1 million. Operating expenses amounted to £753,386. Revenue totalled £9,497.
Chief Executive Officer Steven Metcalfe stated: ‘Despite the macro-economic backdrop, investment activity in the early-stage quantum domain remained very strong. Investors have realised that quantum computers are the future and will in time supersede classical computers, which are slower and unable to solve more complex problems.
’Our strategy remains unchanged, to build an exciting portfolio of investee companies that we expect will increase shareholder value. We were delighted to have made our first two investments during the period and to add two additional investee companies to our portfolio post-period. Encouragingly, we have experienced a significant increase in the quality and number of potential investee companies coming forward. We are optimistic in our ability to add to our investee portfolio over the coming year and look forward to updating shareholders on our progress as we go.‘
Copyright 2022 Alliance News Limited. All Rights Reserved.