Business
Final results for the year ended 31 December 2020
Final results for the year ended 31 December 2020.
About this update from Tern Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0351U\n Tern PLC\n 31 March 2021\n \n \n \n \n 31 March 2021\n \n \n Tern Plc (the \"Company\", or the \"Group\")\n \n \n Final results for the year ended 31 December 2020\n \n \n Tern 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 2020.\n \n \n Highlights\n \n \n · \n Net asset growth of 27% and increase in net assets per share to 7.3p (2019: 7.0p)\n \n \n • \n 31 December 2020 net assets: £24.0 million (31 December 2019: £18.9 million)\n \n \n • \n Investments valued at £21.9 million as at 31 December 2020 (31 December 2019: £17.9 million)\n \n \n • \n Profit before tax: £0.8 million (2019: Loss before tax £0.8 million)\n \n \n ·\n Robust reaction to the COVID-19 pandemic by Tern and its portfolio companies, safeguarding employees, investments and carefully managing liquidity\n \n \n · \n Despite a challenging environment due to the global pandemic, there were notable commercial successes in each of the portfolio companies, particularly during the last quarter of the year\n \n \n · \n Initiated a portfolio CEO round table twice a month, attended by Tern board members, to share experiences, initially in relation to COVID-19 and this has developed into ongoing strategy sessions to share vision and best practice\n \n \n · \n Even during a year of uncertainty, portfolio companies continued to deliver with aggregate year-over-year turnover growth of 18%\n \n \n · \n Further validation of business model through a net £2 million fair value uplift, £2.6 million achieved for Wyld Networks, partially offset by £0.4 million foreign exchange loss on translation of Device Authority investment\n \n \n · \n New investment in data technology company, Talking Medicines, in November 2020\n \n \n ·\n Additional capital raised of £4.5 million before expenses with £2.0 million of this invested during 2020 in portfolio companies, including the £0.86 million investment in Talking Medicines, to enable growth and generate third-party interest\n \n \n Commenting on the results, Tern CEO, Al Sisto said: \n \n \n \"The Covid-19 pandemic ensured 2020 was a difficult year for everyone, both personally and in business. However, I am pleased to say that all our portfolio companies rose to the challenge and de...