Allied Minds turns a loss in H1 amid share buy back programme
Allied Minds, an IP commercialisation company with a focus on early stage tech companies, has reported lacklustre interim results.
Net cash and investments dipped from $24.5m at the close of 2020 to $18.1m in the first six months of the year. While revenue almost doubled, rising from $110k in the first six months of 2020 to $219 in the same period this year, the company still turned a comprehensive loss of $1.7m.
Harry Rein, Chariman of Allied Minds, said, “in the first half of this financial year, the business has continued to drive the strategic objectives of focusing on supporting the existing portfolio companies and maximising value within our portfolio of investments.
“A number of our portfolio companies have made significant progress in the first half, including successful funding rounds, development milestones, contract wins and partnerships with large industry players,” he continued.
In the first six months of the year, Allied Minds invested $44.9m in portfolio companies, of which $43.9 million was raised from third-party investment. Support for new companies has slowed significantly in the months since with just $4.0m invested in portfolio companies since July, of which $3.3 million was raised from third-party investment.
Investor returns were flat for the period and stood at a loss of 0.01 pence per share. It comes as Allied Minds launched a share buy back programme which will see the company purchase $3m of group shares in order to redistribute capital to share holders.
Shares have taken a dip today, falling 3.64 per cent below yesterday’s close price to stand at 22.02 GBX.
Read more: Allied Minds boss steps down as it scraps bonus scheme after investor revolt