Business
Tern Plc : Final Results
Tern Plc : Final Results.
About this update from Tern Plc
[{"type":"text","content":"\n Tern Plc : Final Results17 February 2017Tern Plc(AIM: TERN)Final results for the year ended 31 December 2016Tern Plc (AIM:TERN; www.ternplc.com) the investment company specialising in the Internet of Things is pleased to announces its final results for the year ended 31 December 2016.Operational highlightsAchieved a 560% uplift in net asset value and a profit for the year for TernOur investee company, Device Authority, acquired a venture backed Silicon Valley technology company with a base of operations in North America and 9 patents to strengthen the businessCompleted our first sale of a business and its assets, Concerto, to Ingram MicroLed a £2.5 million investment into Device Authority in October 2016, strengthening our ownership position.Finances further strengthened:Total assets 2016: £11,464,696 (2015: £1,825,261)Net assets 2016: £11,187,739 (2015:£1,691,881)Profit/(loss) 2016: £5,296,633 (2015:£(185,121)) Commenting on the results, Al Sisto, Chairman of Tern, said:\"2016 was a pivotal year for Tern, with the Company reaching several key business milestones whilst also undergoing significant, positive change. As a result, we enter the new year with a sharpened investment focus and a management team that has been realigned to play to its strengths. Going forwards, we see a great deal of growth potential in our flagship investment, Device Authority, as well as the wider Internet of Things ecosystem, and I look forward to reporting progress on both fronts in the coming months. I would like to take this opportunity to thank all of our shareholders for their support and enthusiasm, our portfolio employees for their commitment, and our Directors for their dedication to the Company and its mission.\"Enquiries: Tern plc Al Sisto/ Sarah Payne Tel: 020 3807 0222 WH Ireland (NOMAD and broker)Mike Coe / Ed Allsop Tel: 0117 945 3470 Whitman Howard (Joint broker) Nick Lovering/ Francis North Tel: 020 7659 1234 Chairman's StatementI am pleased to present our annual report for the fiscal year ended 31 December 2016. Over the course of the year, the Tern team began executing on the next phase of its business model, designed to create a sound financial structure and to establish a platform for sustainable growth. I am ...