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Internet of things investment company Tern posted a full-year loss, as expenses offset a rise in fee income.
Pre-tax losses for the year through December amounted to £0.78m, compared to losses of £0.31m. Net assets grew 20% to £18.9m.
'As a proactive investor which backs innovation, it has been very rewarding to see the commercial progress made by our portfolio companies reflected in our net asset value, which has increased during the period,' chief executive Al Sisto said.
Sisto said staff salaries had been cut by 20% in the wake of the Covid-19 crisis.
Tern was working closely with the entrepreneurs within each of its portfolio companies, helping them to access government funding and to innovate, he added.
'We remain optimistic about our portfolio businesses,' Sisto said.
'As lockdown eases, there will be an ongoing need for technology to support continuing social distancing measures and we are focused on ensuring our portfolio companies are well positioned for growth when the economy begins to recover.'
At 9:43am: (LON:TERN) Tern Plc share price was -4p at 9.75p