Tekcapital net assets surge 108%, profits rise to $26.4m

Tekcapital shares were down 2.1% to 34.2p in late morning trading on Friday following a reported net assets rise of 108% to $68.1 million from $32.7 million year-on-year in the group’s final results for 2021.

The investment firm announced a NAV per share increase of 37% to 48c compared to 35c in 2020, alongside a portfolio valuation growth of 105% to $62.5 million against $30.4 million year-on-year.

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Tekcapital confirmed a total income of $29.2 million compared to $9.9 million, with revenue from services falling to $800,000 from $900,000 and a net increase of $28.1 million in the fair value of portfolio companies against $8.7 million in 2020.

The company also reported a post-tax profit of $26.4 million compared to $7.7 million, along with share placings totalling $9.4 million completed during the year, up from $2.6 million.

“We are glad to report very strong full-year performance for the Group, with net assets increasing by 108% to US$68.0m, a record level,” said Tekcapital executive chairman Dr. Clifford Gross.

“Our key portfolio companies are progressing well and should reach significant additional milestones by the end of 2022.”

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The company announced a series of portfolio firm highlights which it credited to its growth over the year, such as the IPO of respiratory medical device company Belluscura and the potential IPO of optometrist smart device subsidiary Innovative Eyewear.

“We are also pleased to highlight Belluscura’s successful IPO during the period, Lucyd’s subsidiary Innovative Eyewear, Inc.’s filing of its registration statement for a potential IPO with a listing on the NASDAQ, the roll-out of MicroSalt’s SaltMe! Crisps in Kroger supermarkets throughout the U.S., and Guident’s demonstration of their remote monitoring and control center with industry leading, low glass-to-glass latency.”

“We are excited about what our portfolio companies have achieved in 2021 and their prospects for 2022.” 

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