NetScientific PLC has released a comprehensive business, strategy, and portfolio update for the year ended 31 December 2023 and the period to date. The company reported a modest increase in Fair Value of privately held assets, with an aggregate amount of approximately £52.2 million raised through equity and venture debt by 13 companies in its portfolio. Additionally, there was a significant increase in Capital Under Advisory and a proprietary trade profit of £0.5 million in the period to 31 December 2023.
The company highlighted the strengthening of its board with the appointment of Charles Spicer as Chair and key strategic hires to expand and deepen transactional and portfolio management capabilities. EMV Capital, a part of the NetScientific group, received direct FCA authorization, enabling it to expand and deepen its corporate finance and fund management activities.
NetScientific's strategy for 2024 and beyond focuses on positioning itself as a leading deep tech venture capital investor, with key objectives including growing the value of its stakes in portfolio companies, progressing its fund management practice, identifying effective routes to exit for portfolio companies, building a resilient, high-performance firm, and achieving financial sustainability.
The company also provided portfolio highlights, including ProAxsis Limited's progress in strengthening its board, intensifying the development of its Patient Point of Care product range, and exploring strategic options for scaling up its market access. ProAxsis Limited has appointed EMV Capital and an external adviser to explore potential sale options to a new strategic owner better placed to provide funding, resourcing, and infrastructure to scale the business.
NetScientific is actively mapping out exit strategies for several portfolio companies and is in advanced stages of implementing a carried interest scheme to incentivize and compensate key group employees and fund management teams. This scheme is designed to align management interests with those of the shareholders and further support the company's growth and pursuit of exit and fund management opportunities.
The final results for the year to 31 December 2023 are expected to be announced by the end of May 2024.