Tern Plc, an Internet of Things (IoT) technology company, released its unaudited interim results for the six months ended June 30, 2024. The company reported a net asset value (NAV) of £10.7 million, a decrease from £22.2 million in the previous year, and a portfolio valuation of £11.1 million. During this period, Tern invested £0.3 million in its existing portfolio companies and raised gross proceeds of £0.82 million through placings and warrant exercises. The companys portfolio saw a year-on-year increase in Annual Recurring Revenue (ARR) of 22%, excluding Konektio, and a decrease in the number of employees by 25%. Terns focus remains on growing the value of its portfolio companies, and it has maintained strict control over operational costs. The company is seeking additional funding through an open offer to existing shareholders and has announced a general meeting to seek shareholder approval for new ordinary share allotments.
| Year | Net Assets | Administration Costs | Loss for the Period | Net Asset Value per Share |
|---|---|---|---|---|
| 30 June 2024 | £10.7 million | £595,000 | £2,475,000 | 2.5p |
| 30 June 2023 | £22.2 million | £1,023,000 | £2,840,000 | 5.7p |
| 31 December 2023 | £12.3 million | £1,712,000 | £12,608,000 | 3.2p |