Tekcapital shares soar on upbeat corporate update

Tekcapital shares surged higher on Friday after the technology investment company released an upbeat corporate and strategy update ahead of the new year.

Investors were evidently encouraged by a year of progress at Tekcapital’s portfolio companies and were looking forward to another year of growth in 2024.

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Notably, Tekcapital said they saw ‘accelerating commercial traction’ for their portfolio companies in the coming year.

Shareholders would have also welcomed an update on the MicroSalt IPO.

Tekcapital said they were still assisting the low-sodium salt technology company with the completion of their IPO. Although Tekcapital did not state when they expected the IPO to be completed, the language used suggests MicroSalt may be trading in London before long.

The company noted significant MicroSalt orders and alluded to promising news from the company in 2024.

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“Despite challenging macroeconomic conditions in 2023, we have never been as excited about the near-term commercial opportunities for our portfolio companies, and we expect to report significant additional milestones for them in the coming year,” said Dr Clifford Gross, CEO of Tekcapital plc.

“We are grateful for the terrific teams we have assembled, the IP and innovation they have acquired and developed and their steadfast efforts to bring useful and valuable products to market that can make a positive impact on the customers they serve.”

“Further, we are most appreciative of our dedicated shareholders who have made this journey possible. We wish all members of the Tekcapital family a safe and happy festive season.”

Tekcapital shares were 6.9% higher at the time of writing.

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