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Agronomics Ltd - Isle of Man-based cellular agriculture investment firm - Net income in the six months that ended on December 31 amounts to £19.4 million, up significantly from £3.5 million a year earlier. Pretax profit multiplies to £18.6 million from £2.5 million. Net asset value per share at December 31 is 16.38 pence, up 10% from 14.85p at June 30. Total net assets amount to £162.5 million at December 31, up from £143.9 million at June 30. The increase is mainly due to unrealised gains on investments of £19.4 million booked in six-month period, the company says.
Looking ahead, Agronomics says its investment portfolio shows considerable growth prospects in alternative foods sector. Says 2022 saw a decline in venture funding across the board, and also within the field of cellular agriculture, but it remains optimistic that the reset allows for a ‘readjustment of company expectations, to allow for funding rounds to be completed in the coming months at favourable and realistic valuations’.
Chair Richard Reed says: ‘Agronomics has continued to focus on selective opportunities within the field of cellular agriculture to deploy capital during this half year, and now has over 20 companies in its portfolio with broad diversification across major protein categories and leading technologies across the cell culture and precision fermentation categories.’
Current stock price: 12.62 pence each, down 1.0% on Wednesday afternoon in London
12-month change: down 32%
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