Business
Update re COVID-19 and Annual Accounts
Update re COVID-19 and Annual Accounts.
About this update from Tmt Investments Plc
[{"type":"text","content":"\n \n \n RNS Number : 1236I\n TMT Investments PLC\n 31 March 2020\n \n \n \n \n 31 March \n 2020\n \n \n \n \n \n TMT INVESTMENTS PLC\n \n \n (\"TMT\" or the \"Company\")\n \n \n \n \n \n Update re COVID-19 and Annual Accounts\n \n \n \n \n \n TMT Investments PLC (AIM: TMT.L), the venture capital company investing in high-growth technology companies, today \n provides the following business update in light of COVID-19 as well as an update on the timing of its final results for the year ended 31 December 2019.\n \n \n \n \n \n In respect of COVID-19, TMT confirms:\n \n \n ·\n No disruption to the Company's activities;\n \n \n ·\n Strong balance sheet with cash reserves of approximately US$10.7 million and no financial debt;\n \n \n ·\n Increased engagement with the Company's portfolio companies to assess impact of COVID-19 and providing advice and support where needed;\n \n \n ·\n Majority of TMT's portfolio companies are well positioned to weather the impact of COVID-19; and\n \n \n · \n Selective investment approach given COVID-19, will likely mean no significant new investments in the coming months.\n \n \n \n \n \n TMT's own team has always been internationally based and are therefore used to working remotely. As a result, there has not been any disruption to our operations.\n \n \n \n \n \n Our top five portfolio companies (Bolt, Backblaze, Depositphotos, Pipedrive and Scentbird), accounting for approximately 75% of the Company's NAV, are well-established, more mature businesses, with globally diversified revenues, strong cash reserves and tens of thousands of customers. They are operationally nimble, cost conscious companies that have grown rapidly, without undertaking large funding rounds to support expanded cost bases compared to some of their peers, which TMT believes should therefore enable them to better adapt to the current environment. As technology-driven companies, their staff are also used to working remotely.\n \n \n \n \n \n Bolt is active in over 150 cities globally. Whilst turnover for the core ride-hailing business has been negatively affected as a result of COVID-19, the drop in variable costs is resulting in lower cash burn rates for Bolt. On 26 March 2020, Bolt announced the launch of its Bolt Business Delivery service. &nb...