The Asimiliar Group reported soaring profits in its financial results for 2021, with a pre-tax profit of £26.7 million against £392,329 in 2020.
The tech-focused investment company reported an EPS of 23.2p compared to 0.4p in 2020 and total net assets of $41.5 million compared to £10.6 million in 2020.
Asimiliar Group’s profit was driven by the remeasurement to fair value of investments to the tune of some £25m.
The Asimilar Group credited its growth to increased investment in its existing portfolio companies such as Audioboom, SeeQuestor, Magic Media Works, Gfinity and Sparkedun.
The company announced no change in revenue from £14,000 in 2020.
The company raised an additional £7.3 million in cash through exercising warrants in the company, alongside the sale of its Dev Clever options and warrants.
Asimilar reported its intention to seek the admission of its shares for trading on the Access Segment of the AQSE Growth Market in a bid to improve liquidity in nascent companies, alongside the investment companies investing in them.
The company said it intends to keep trading on the AIM market and is set to continue its investigation into the proposed dual-listing structure.
“I am delighted to present these excellent results for the year in review. The Board remains very optimistic on the opportunities our portfolio companies are presented with in the coming months and believes several have the potential to make material advances in 2022,” said Asimilar chairman John Taylor.
“We very much look forward to updating the market with news on a number of fronts.”
The Asimilar Group’s share price increase 1.8% to 28p in early morning trading on Monday.