Business
Preliminary Results for the year ended 31 Dec 2020
Preliminary Results for the year ended 31 Dec 2020.
About this update from Emv Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 1028U\n NetScientific PLC\n 31 March 2021\n \n \n \n \n NetScientific plc\n \n \n (\"NetScientific\", \"NSCI\", the Group\" or the \"Company\")\n \n \n \n \n \n Preliminary Results for the year ended 31 December 2020\n \n \n \n \n \n Company poised for further growth, following turnaround, transformation and portfolio expansion\n \n \n \n \n \n NetScientific plc (AIM: NSCI), the international life sciences and sustainability, technology investment and commercialisation group, announces its preliminary results for the year ended 31 December 2020.\n \n \n \n \n \n 2020 was a year of turnaround, transformation and significant progress for the Company. The year started with a strategic review, which identified the quality of the science in the portfolio companies and that the underlying asset value was significantly higher than the market capitalisation with significant growth potential. Hence, the company changed its strategy, moving to a proactive management approach to deliver shareholder value.\n \n \n \n \n \n Trading for the year was in line with management expectations, as the Group stabilised its position and started to reap the benefits of the new growth strategy. This was further enhanced by the all-paper acquisition of EMV Capital Ltd broadening the portfolio and resources, together with the successful £2.3m placement in August 2020. This puts the Company on a strong footing for the year ahead.\n \n \n \n \n \n Highlights\n \n \n · \n The share price has increased from the low point of 12.5p in early 2020 to the year's average of c. 55p \n \n \n · \n Loss after tax reduced to £2.3 million (2019: loss £4.9 million) \n \n \n · \n Increase in Board estimate of \"fair value\" of direct holdings by c. 80% from £11.8m to £21.2m, with further growth anticipated\n \n \n · \n Completed a £2.3m placing and a 10-1 share consolidation\n \n \n · \n Consolidated cash and cash equivalents of £1.6 million (2019: £3.5 million)\n \n \n · \n Acquisition and integration of EMV Capital, which:\n \n \n o \n increased \n Capital Under Advisory\n from nil to £14.6m\n \n \n o \n enlarged total Group portfolio from 8 to 17 companies\n \n \n o \n enhanced deal execution capacity and revenues \n \n \n · \n Acquisition of the minority interest in ProAxsis and now, as...