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| Axiomlab plc Preliminary results for the year ended 30 April 2002 | |
Axiomlab plc (“Axiomlab” or the “Company”) is pleased to report its preliminary results for the year ended 30 April 2002. Results During the year ended 30 April 2002, the Company recorded a loss on ordinary activities before taxation of £3.34 million. This figure is stated after interest receivable of £383,000 and a provision of £2.25 million against the carrying value of certain investments in the Company’s portfolio (£1.50 million of which was already provided for in the Company’s interim results to 31 October 2001). Key Points £3.13 million invested during the period in a broadened investment area. These investments include Get Real Systems Limited, Thermetica Limited, The Energetix Group Limited and iBase Systems Limited Net cash available of approximately £8.3m at 30 June 2002 Significant fall in the entry valuations of the businesses in which Axiomlab typically invest and reduction in competition for early stage investments experienced during the period Current portfolio of twelve investments covering a spectrum of early stage businesses reducing the Company’s exposure to any one particular sector Recent uplift in value of Axiomlab’s stake in Image-Metrics following a fundraising round in June 2002 (which raised approximately £2.9 million of new money from a syndicate of new investors) Strong deal-flow pipeline in a wide spectrum of potential investments including materials science, environmental, engineering, and energy sectors Ray Ingleby, Executive Chairman, commented: “Axiomlab has enjoyed another year of progress, in terms of the development of our portfolio and the quality of opportunities with which we are presented. Axiomlab’s structured investment strategy of looking to provide capital and support to early stage businesses holding intellectual property with strong potential for commercialisation is robust and focuses on quality, long-term investments in growth sectors. We are now two years into our investing cycle and look forward to generating strong returns for our shareholders as we make realisations. We continue in our aspiration to be the leading quoted player in early stage venture capital.” For a copy of the Axiomlab plc Preliminary results for the year ened 30 April 2002, please go the the Investors Relations - Prospectus section of our website. |
