Business
Results for the year ended 31 December 2016
Results for the year ended 31 December 2016.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6096Z TMT Investments PLC 16 March 2017 \n \n\n16 March 2017\n \nTMT INVESTMENTS PLC\n(\"TMT\" or the \"Company\")\n \nResults for the year ended 31 December 2016\n \nTMT Investments PLC, the venture capital company which invests in high-growth, technology companies across a number of core specialist sectors, is pleased to announce its final results for the year ended 31 December 2016.\n \n· US$6.15 million of profitable cash exits from Depositphotos (partial) and VitalFields (full)\n· US$4.08 million positive revaluation of Pipedrive\n· US$2.57 million impairment of WhalePath, Adinch and Gild\n· US$2.25 million allocated to new and follow-on investments (Vinebox, Send A Job, Attendify, Sixa, Virool, APPrise, Try the World, and Scentbird)\n· Special dividend of US$0.10 per share paid in November 2016\n· NAV per share of US$1.89 (down 1% from US$1.91 as of 31 December 2015)\n· Diversified portfolio of over 30 companies focused around big data, e-commerce, and business SaaS (software-as-a-service) tools\n· Many portfolio companies continue to experience rapid growth\n· Strong expectations of a number of positive revaluations in 2017\n \nAlexander Selegenev, Executive Director of TMT, commented: \"2016 was another successful year for the Company, with several sizeable revaluations and exits across our portfolio. There is always an asymmetric approach when revaluing the portfolio's assets. The downward re-valuations generally precede the upgrades, which normally only come when there is a tangible 3rd party equity transaction. This has the effect of dulling the NAV performance in the first several years of the portfolio's life. \n \nHowever, we were especially pleased to have effected a major partial disposal in cash of our stake in stock photo marketplace Depositphotos for US$5.83m net. This allowed us to keep investing in promising new companies as well as reinvesting in our most successful portfolio companies to date as they continue to grow. A recent US$17m capital raise by Pipedrive, one of our star portfolio companies, has increased the fair value of our investment in Pipedrive by US$4.08 million.&...