Business
Preliminary Results for the year ended 31 Dec 2022
Preliminary Results for the year ended 31 Dec 2022.
About this update from Emv Capital Plc
[{"type":"text","content":"\n\nFor release: 07.01, 31 May 2023\nNetScientific plc\n(\"NetScientific\" or the \"Company\")\nPreliminary Results for the year ended 31 December 2022\n \n2022 delivered strong results and uplifts in the portfolio value\n \nNetScientific Plc (AIM: NSCI), investment and commercialisation group with an international portfolio of innovative life science, sustainability and technology companies, announces its preliminary results for the year ended 31 December 2022.\n \nInvestor Presentation\nThe Company will hold a live online presentation for investors at 11:00 BST on Monday, 5 June on the Investor Meet Company platform. Investors can join the live presentation via: https://www.investormeetcompany.com/netscientific-plc/register-investor.\n \nInvestors who already follow NetScientific on the Investor Meet Company platform will automatically be invited. Questions can be submitted pre-event via the Investor Meet Company dashboard up until 09:00 BST on the day before the meeting, or at any time during the live presentation.\n \nFinancial and Operational Highlights:\nThis was a year of good progress for the Company as shown in the results. The implementation of its planned growth strategy has delivered both strategically and tactically:\n· Directors' valuation of the Company's portfolio increased by c.35% to £41.8 million (2021: 31.0 million).\n· Portfolio increased to 24 companies, 2 additions.\n· EMV Capital was profitable on increased revenues of £1.2 million.\n· Group loss for the year increased to £3.7 million (2021: £2.9 million).\n· ProAxsis drive towards external fund-raise to fund next stage of growth, including planned launch of Point of Care diagnostic for COPD, and driving sales to pharma clients.\n· Glycotest progress towards completing clinical sample collection, raised $500k from Fosun (in addition to NetScientific support).\n· Stronger balance sheet, with total assets of £29.0 million (2021: £20.7 million, a c. 40% increase).\n· Net assets of £25.2 million (2021: £18.5 million, a c.36% increase).\n· Cash on the balance sheet was £0.9 million (2...