The Tern PLC (LON: TERN) share price dropped 20.8% after releasing its interim results for the six months ended 30 June 2023. The company reported that the net asset value (NAV) of its portfolio of companies had fallen to £22.2 million as of 30 June 2023, compared to £30.0 million as of 30 June 2022.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
The company that investors in the Internet of Things (IoT) technology company revealed that it had a portfolio valuation of £21.8 million as of 30 June 2023 versus £23.9 million as of 31 December 2022. During the six months, the firm invested £1.1 million in its current portfolio companies.
Top Broker Recommendation
- BlackBull 26,000+ Shares, Options, ETFs, Bonds, and other underlying assets – Read our Review
- Admiral Markets More than 4500 stocks & over 200 ETFs available to invest in – Read our Review
- Hargreaves Lansdown The company's website is easily understandable and accessible to a wide range of customers – Read our Review
- eToro Wide range of instruments available to trade – Read our Review
- IG Top-tier regulation – Read our Review
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
Tern Plc continued to play the critical hands-on role of guiding its portfolio companies as they grow their businesses, attract more clients, and generate more revenue. The company sold shares worth £1.2 million Wyld Networks AB, realising a slight gain from its portfolio.
The company attributed the £2.1 million reduction in its portfolio value to the £1.2 million sale of shares of Wyld Networks plus the fair value decline of £2.0 million, offset by the £1.1 million investment in the portfolio.
Tern also mentioned multiple highlights from the period, including Device Authority being awarded Microsoft's Rising Azure Technology 2023 Microsoft Partner of the Year Award, providing global recognition of its KSaaS® solution, built on Microsoft's Azure Cloud.
The company also highlighted the recent changes to its board and management structure to provide an appropriate management and governance structure at a materially reduced cost while focusing on realising value from Tern's portfolio businesses.
Ian Ritchie CBE, Chairman of the board, said: “It is the Board's intention that the Company will not invest in any companies or entities not already part of Tern's existing portfolio at least until such time as the Company has realised material value from its current portfolio. We remain focused on maximizing this value to ultimately achieve good exits from our various investments at the appropriate time in order to deliver returns for our shareholders. In addition, the Company is implementing other cost-saving measures, including moving to a lower-cost office.
Tern share price.
The Tern share price fell 20.83% to trade at 4.75p, from Tuesday’s closing price of 6.00p.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
