Business
Final results for the year ended 31 December 2018
Final results for the year ended 31 December 2018.
About this update from Tern Plc
[{"type":"text","content":"\n \nTern PLC (TERN)Tern PLC: Final results for the year ended 31 December 201819-March-2019 / 07:00 GMT/BSTDissemination of a Regulatory Announcement, transmitted by EQS Group.The issuer is solely responsible for the content of this announcement.\n\n19 March 2019\n\nTern Plc (the \"Company\", or the \"Group\")\n\nFinal results for the year ended 31 December 2018\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 2018.\n\nOperational highlights\n\nNew investment made in IoT business: FVRVS Limited (\"FundamentalVR\") \n Notable commercial success in portfolio including new customer contracts for Device Authority Limited(\"DA\") and a development agreement signed by FundamentalVR with the Mayo Clinic, USA. DA, FundamentalVR and InVMA Limited all continued to grow their revenues \n Year-on-year turnover of principal portfolio companies from 2017 to 2018 increased by 58% (2016 to 2017: 126%)\n Year-on-year increase in employees within principal portfolio companies from 2017 to 2018 was 52% (2016 to 2017: 55%)\n Placing in July 2018 to raise £2.9 million before expenses, brought total fundraising in 2018 to £6 million before expenses (excluding funds secured through convertible loan note)\nNet asset value increased, overheads kept under control:\n*         Total assets 2018: £17,009,220 (2017: £11,069,300)\n\n*         Net assets 2018: £16,751,773 (2017: £10,580,802)\n\n*         Loss 2018: £312,564 (2017: £1,689,555 loss) \n\nCommenting on the results, Tern CEO, Al Sisto said: \n\n\"As one of the only dedicated investors in the high-growth IoT sector on AIM, Tern provides investors with an opportunity to capitalise on the rapid growth of the IoT sector. With this in mind, we are pleased to see the NAV of our portfolio increase and our loss for the period decrease. Tern prides itself on its proactive approach to working with its investment companies, and the collaborative environment created through this way of working has delivered benefits for our portfolio during the period and post-period end.\"\n\n \n\n\"Turnover and the number o...