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NetScientific PLC on Thursday said it was optimistic about 2024 as it hailed a milestone in assets under management amid a narrowed loss.
The London-based life sciences focused investor said pretax loss narrowed 22% to £2.9 million in 2023 from £3.7 million in 2022.
Revenue climbed 44% to £1.4 million from £1.0 million, while cost of sales edged down 1.4% to £219,000 from £222,000.
Total income surged to £3.8 million from £1.8 million.
Notably, ‘other’ operating income jumped to £2.3 million from £816,000.
Chair Charles Spicer said: ‘In 2023, we witnessed continued high market volatility fuelled by geopolitical events and macroeconomic uncertainty coupled with decreased liquidity following the end of several years of relatively easily available capital. The venture capital industry experienced challenges throughout the year with declining valuations and increased company failures. Set against this difficult environment, NetScientific and its portfolio performed well and improved performance in key areas.’
NetScientific emphasised that there were now about £100 million in assets under management, up 35% from £74.0 million at the end of 2023 and 45% higher than £68.9 million at the end of 2022.
Chair Spicer said: ‘NetScientific has shown remarkable resilience and performance in a challenging venture capital and broader market environment. I am optimistic about 2024 and beyond, cautiously anticipating some recovery in financial market liquidity and a resurgence in corporate fundraising. NetScientific is positioned to drive shareholder value through its growing portfolio and funds practice.’
NetScientific shares were up 0.3% to 66.70 pence each on Thursday afternoon in London.
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