Business
Business Update
Business Update.
About this update from Emv Capital Plc
[{"type":"text","content":"\n\nStrictly embargoed until: 07.00, 13 March 2024\nNetScientific plc\n(\"NetScientific\" or \"NSCI\" or the \"Company\" or the \"Group\")\nBusiness, Strategy and Portfolio Update\nLondon, UK: NetScientific plc (AIM: NSCI), the deep tech and life sciences VC investment group, is pleased to provide a business, strategy and portfolio update for the year ended 31 December 2023, and the period to date.\nHighlights of 2023 and year to date\n· The Group has a portfolio of 23 companies (including EMV Capital) and expects a modest increase in Fair Value of the privately held assets as at 31 December 2023 (compared to 31 December 2022).\n· Across the Group's portfolio, an aggregate amount of c.£52.2 million was raised through equity and venture debt by 13 companies through to 31 December 2023.\n· Significant increase in Capital Under Advisory by £6.6 million of Capital Under Advisory1 (£23.5 million 2023).\n· A proprietary trade profit of £0.5 million in the period to 31 December 2023 in respect of the secondary sales of a £1.4 million position across two portfolio companies.\n· Increase in fees generated by EMV Capital for the period to 31 December 2023, covering approximately half of the core Group's costs, whilst providing infrastructure and services to the Group and its portfolio companies.\n· Several portfolio companies achieving significant operational milestones and key fundraisings.\n· Strengthened Board with the appointment of Charles Spicer as Chair in May 2023, and key strategic hires to expand and deepen transactional and portfolio management capabilities.\n· EMV Capital has recently received direct FCA authorisation, enabling it to expand and deepen its corporate finance and fund management activities.\n· Final results for the year to 31 December 2023 expected to be announced by the end of May 2024.\n1 being the amounts associated with carried interest or profit share agreements, typically between 10% and 20%\nStrategy update\nNetScientific remains focused on positioning itself as a leading deep tech venture capital (\"VC\") investor, both in the UK and internationally. The...