Business
Final Results and Notice of AGM
Final Results and Notice of AGM.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n\n25 March 2025\nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nResults for the year ended 31 December 2024 and Notice of AGM\n \nTMT Investments Plc (AIM: TMT), the venture capital company investing in high-growth technology companies, is pleased to announce its audited final results for the year ended 31 December 2024.\n \nHighlights:\n \n· NAV per share of US$6.55 (US$6.62 as of 31 December 2023)\n· Total NAV of US$205.9million (US$208.1 million as of 31 December 2023)\n· IRR from inception to 31 December 2024 of 14.5% per annum (16.0% from inception to 31 December 2023)\n· US$5.9 million of additional investments in 2024 (US$4.7 million in 2023)\n· US$5.9 million of cash disposals during the period (US$4.2 million in 2023)\n· US$4.8 million in cash and cash equivalent reserves as of 24 March 2025\n \nAlexander Selegenev, Executive Director of TMT, commented:\n \n\"In 2024, TMT's net asset value remained stable, despite the continuing divergence between good and poor performers within the Company's portfolio. This was consistent with the increased international macroeconomic and political instability during the period, as well as generally subdued tech venture capital, IPO, and M&A activity during the year.\n \nTMT's portfolio benefited from positive revaluations of twelve of its investee companies (Praktika.AI, Scentbird, Phoenix, OneNotary, MedVidi, Affise, Laundryheap, Educate Online, CyberWrite, 3S Money, Rain Technologies Inc and Mainframe).\n \nThese positive revaluations have been counterbalanced by full and partial write-downs in the value of fifteen of the Company's investments (Backblaze, Accern, Muncher, MTL Financial, ShareThis, Adwisely, Hinterview, Femtech, Aurabeat, Qumata, Estateguru, eAgronom, Bairro, Moeco, and GameOn), in line with TMT's highly prudent approach.\n \nThe largest write-down as of 31 December 2024 related to NASDAQ-traded Backblaze Inc., whose share price was highly volatile in 2024. Nevertheless, Backblaze, Inc. continues to deliver strong growth in revenues and has a market capitalisation in excess of US$250 million. As part of its active portfolio management, TMT successfully capitalised on the periods of strength and liquidity...