Tekcapital swings to profit as revenue jumps

For the six month period ended 31 May 2017, the company accumulated a total revenue of $3.8m up from just $247,262 in 2016 which reflected an increase in sales and an unrealised gain on the investment revaluation in Belluscura, a medical device company that is mulling an IPO.

Revenue from services increased 157% to $635.329.

A swing to a profit before tax was reported of $1.6m from a loss of $997,174 thanks to the substantial increase in revenues.

To take note of, the AIM listed company concluded a positive fundraising of approximately $3m before expenses.

Regarding Tekcapital's portfolio progress, Belluscura secured a private placement of approximately $1.7m.

Also, a new software app on both iOS and Google Play was launched and developed to search global university IP.

The company also acquired a new form of gesture recognition technology called Trace-it from the University of Central Florida.

Dr. Clifford Gross, the company chairman commented on the 'successful' half-year performance for the group: “We are pleased to report successful half-year performance for the Group. We have seen a significant increase in total revenue to $3,806,178, largely due to an unrealised profit on the revaluation of investments in portfolio companies, which has resulted in net income after tax of $1.6m.

"We have also seen a 153% increase in net assets to $7,974,906 on a year on year basis. We believe our unique approach of acquiring and commercialising university IP innovations, coupled with providing a range of IP value creation services to universities and corporates, has uniquely positioned us to create market value from university discoveries more efficiently than traditional IP investment companies".