Tough times in the technology sector have reduced investor confidence and forced down share prices.  It comes as no real surprise, therefore, that investment fund Axiomlab has announced a £1.75m impairment provision against the carrying value of certain internet-related investments. 

Meanwhile, its first set of results since joining AIM in August last year revealed losses of £2.4m, with a meagre £51,000 of sales.  Despite suffering from falling valuations, Axiomlab plans to utilize the current environment to source deals on more favourable terms then previously.

It now has nine investments in its portfolio and will continue to focus on early-stage technology, software and wireless businesses.  Including its £12m post year-end fund-raising, the group has £11.3m in cash while its market value is £10.9m.  It floated at 5p a share and until recently had never fallen below its issue price.  It is now at a low of 3.75