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TMT Acquisition PLC said on Wednesday that its half year loss widened, but it still has money available to invest in a possible acquisition target.
The London-based investment firm said its pretax loss in the six months that ended September 30 increased by 11% to £45,461 from £41,080 a year prior.
It added it still has £5 million available to invest in a potential acquisition target, after listing the company for trading on the main market for listed securities on the London Stock Exchange in October 2021. This raised £5 million in gross proceeds and helped to multiply net assets to £4.7 million from £58,929, said TMT Acquisition.
TMT Acquisition hopes to identify a suitable acquisition target in the technology space within the next six months.
‘The impact of the conflict in Ukraine combined with global inflation and rising interest rates has adversely affected global equity markets, resulting in significantly lower valuations, particularly for technology stocks,’ said Chair Harry Hyman.
‘We believe that our strong cash position, the current economic downturn combined with our disciplined and patient approach, puts us in a prime position to execute on our strategy.’
TMT Acquisition shares were flat at 17.00 pence each on Wednesday afternoon in London.
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