Business
Final Results
Final Results.
About this update from Mindflair Plc
[{"type":"text","content":"\n\nMindflair plc\n \n(\"Mindflair\" or the \"Company\")\n \nFinal Results for the year ended 31 December 2023\n \nThe Board of Mindflair plc (AIM: MFAI), the investment company investing in next generation technology with a focus on AI, announces its audited results for the year ended 31 December 2023.\nFinancial highlights\n· Net asset value (\"NAV\") of £5,844,000 as at the year‐end (31 December 2022: £7,822,000). Reduction principally driven by the liquidation of Emergent Entertainment Limited (although the original cash investment in this company was circa US$200,000)\n· NAV per share of 2.13 pence per share (2022: 4.28 pence) compared to a year end share price of 0.9 pence and a current price of 0.48 pence\n· Two-year debt funding facility amounting to £1.235 million in place\n · Placing to raise £730,400 before expenses in December 2023\n \nPortfolio highlights\n· Continued progress is being made within the Company's investment portfolio\n· A number of funding rounds have taken place for companies such as CameraMatics, Landvault, Engage XR, Virtex and VividQ\n· CameraMatics is continuing to grow with a number of new customers\n· Getvisibility, one of the Company's larger investments, continues to increase its customer numbers and revenue, with over 250 customers in 39 countries\n· New investment made in Captur in October 2023, a company that has built an enterprise AI platform for real-time, rules-based image recognition\n· Virtex closed its first major commercial deal in December 2023 worth $3.5 million and has raised new funds at a higher valuation than the cost of the original investment\n· Smarttech247 continuing to make good progress as a listed company\n· Investment in a third SVV fund (\"SVV3\"), alongside Enterprise Ireland (\"EI\"), an investment arm of the Irish Government\n· SVV1 actively focused on the realisation phase of its investment cycle\n· Successful change of name and rebranding to Mindflair plc to better reflect the Company's emphasis on exciting AI focused investments\n \nReview of activities\nThe year to 31 December...