2023-08-15 09:02:02
(Alliance News) – TMT Investments PLC on Tuesday reported a drop in the value of its net assets, following a loss on its investments.
The venture capitalist in high-growth technology companies said net asset value as of June 30 was $6.32 per share, down from $6.41 as of December 31 and 6. $68 a year ago. It reported a pre-tax loss of $3.1 million, down from $73.0 million a year earlier.
The company reported an investment loss of $2.6 million for the first half of 2023, compared to $72.1 million a year ago.
“The years 2022 and 2023 have seen a sea change in the environment for venture capital and technology companies, with most investors returning to fundamentals by backing ultimately profitable business models at reasonable valuations. ups have now realized that the approach of “growth at all costs” has been replaced by that of “fundamentally profitable growth at the right value” As a result, the success/survival rate of start-ups is now broadly defined by their ability to reposition and adapt to this new market environment,” the company said.
Looking ahead, TMT said that while cautious, investors continue to invest in tech companies despite continued market and political volatility.
Shares of TMT Investments rose 1.8% to $2.90 apiece on Tuesday morning in London.
By Tom Budszus, Alliance News reporter
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