Business
Tern Plc : Half-yearly report
Tern Plc : Half-yearly report.
About this update from Tern Plc
[{"type":"text","content":"\n Tern Plc : Half-yearly report4 September 2017Tern Plc(AIM: TERN)Unaudited Interim Results for the six months to 30 June 2017Tern Plc (\"Tern\" or the \"Company\"), the AIM quoted investment company specialising in the Internet of Things (\"IoT\") market, is pleased to announce its interim results for the six months to 30 June 2017. Key Highlights 30 June 2017£30 June 2016£31 December 2016£ Net assets 10,787,236 7,281,023 11,187,739 Current assets 429,729 140,069 863,366 Total assets 11,031,059 7,493,313 11,464,696 Strengthened Board of Directors with the appointment of new Chairman, Ian Ritchie, with over 30 years' experience as a technology entrepreneur and investor.Improved deal pipeline, with heads of terms signed, announced and in advance negotiations with InVMA Limited (\"InVMA\") and Wyld Research Limited (\"Wyld\"), whilst maintaining net asset value, net of cash.Device Authority Limited (\"Device Authority\") continued to make good progress, securing new contracts and continuing to receive widespread recognition for its innovation in IoT security.Al Sisto, CEO of Tern Plc, said:\"I am delighted to report that in the first six months of 2017 Tern has continued to make progress in line with the business plan and against our stated objectives outlined in the 2016 annual report. During the first six months of 2017, the Board has focused on developing a growing pipeline of exciting IoT companies to add to our portfolio, and expects to make at least two additional investments before the year end. We have also focused on ensuring our existing portfolio companies meet their objectives; in particular, we are extremely pleased by how Device Authority continues to expand its market ecosystem and its strategic alliances and partnerships and continues to develop opportunities to further drive revenue growth; growth that we believe will increase Tern's shareholder value.\"Enquiries:Tern PlcAlbert Sisto/Sarah Payne via Redleaf WH Ireland(NOMAD and joint broker)Mike Coe/Ed Allsopp Tel: 0117 945 3470 Whitman Howard(Joint broker)Nick Lovering/Francis North Tel: 020 7659 1234 Redleaf CommunicationsDavid Ison/Elisabeth Cowell Tel: 020 7382 4730 Chief Executive's StatementTern's strategy remains to invest in dynamic technology opportunities within the IoT market...