Tekcapital PLC on Friday reported a sharp swing to profit for 2024, as two portfolio company listings and valuation increases across its investment holdings drove a record year of growth for the intellectual property commercialisation firm.
For 2024, the London-based company posted a pretax operating profit of $19.2 million, reversing a $12.7 million loss the year prior. Diluted earnings per share rose to 10 cents from a 9 cent loss.
Net assets climbed 46% to $70.1 million from $47.9 million, and the net asset value per share increased to $0.33 from $0.27. Portfolio valuation rose 50% year-on-year to $61.5 million.
Portfolio return and revenue surged to $21.2 million in 2024 from a loss of $13.0 million the prior year, driven primarily by gains in the fair value of portfolio investments.
Executive Chair Clifford Gross credited the performance to ‘strong commercial progress’ across Tekcapital’s holdings, including the initial public offerings of MicroSalt PLC and GenIP PLC on AIM. With those listings, four of Tekcapital’s five portfolio companies are now public.
Tekcapital said it had the lowest administrative expenses among its UK-listed peer group, at just $2.0 million for the year, down 26% year-on-year.
Tekcapital also noted it completed share placings totalling $3.6 million during the year, compared with $5.0 million in 2023.
Shares in Tekcapital were up 14% at 9.15 pence each on Friday morning in London.
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