Business
Final Results
Final Results.
About this update from Tern Plc
[{"type":"text","content":"\n \n\n\nTern PLC (TERN)\n\n\n\nTern PLC: Final Results 05-May-2020 / 08:15 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n\n5 May 2020\n\nTern Plc (the \"Company\", or the \"Group\")\n\nFinal results for the year ended 31 December 2019\n\nTern Plc (AIM: TERN), the investment company specialising in the Internet of Things (\"IoT\"), is pleased to announce its final results for the year ended 31 December 2019.\n\nOperational highlights\n\nFurther validation of business model through a successful Series A fundraise for FundamentalVR and a move from a services to a product business for InVMA\n Notable commercial successes in portfolio including new strategic customer contracts for all principal portfolio companies\n Year-on-year turnover of principal portfolio companies from 2018 to 2019 increased by 27% (2017 to 2018: 58%)\n 31% year-on-year increase in employees within principal portfolio companies from 2018 to 2019 (2017 to 2018: 52%)\n Additional capital raised of £3.25 million before expenses with £2.5 million of this put to work in existing portfolio companies to enable growth and generate outside interest\n Net asset growth of 13%, including portfolio value increase of 20%:\n Total assets 2019: £19,065,111 (2018: £17,009,220)\n Net assets 2019: £18,913,077 (2018: £16,751,773)\n Loss 2019: £780,643 (2018: £312,564) \n \nCommenting on the results, Tern CEO, Al Sisto said: \n\n\"As a proactive investor which backs innovation, it has been very rewarding to see the commercial progress made by our portfolio companies reflected in our net asset value, which has increased during the period. This rise included a successful Series A fundraise for FundamentalVR, with an outstanding syndicate of new investors we helped solidify at an implied valuation 27% higher than when we took a position in the company just a year earlier. The positive momentum developed in 2018 continued throughout 2019 with important milestones achieved across our business and the businesses of our principal portfolio companies. We expanded our Tern team and we again continued to increase turnover and employees within our principal portfolio companies. \n\n \n\nWe continue to see a range of exciting and high growth technology co...