NetScientific PLC has released its preliminary results for the year ended 31 December 2023, reporting that its Assets Under Management have now surpassed £100 million. The company has made significant progress in consolidating its position and protecting its portfolio, despite a challenging market environment. The fair value of the direct holdings decreased by approximately 15% to £35.6 million, primarily due to the decline in the value of its PDS Biotech holding. However, the fair value of managed and third-party holdings increased by around 42% to £38.4 million.
The portfolio size and performance have also seen positive developments, with 13 portfolio companies raising an aggregate amount of £53.9 million through equity and debt. Post balance sheet date, the portfolio has expanded to over 70 companies. The Group's performance, including the 'operational core' of NetScientific and EMV Capital, as well as portfolio companies where the Group has over a 50% shareholding, has shown promising results. Group income increased to £3.8 million, with a group loss for the year decreasing to £2.9 million.
NetScientific also highlighted several post-balance sheet events, including EMV Capital's appointment as investment manager to Martlet Capital, becoming directly FCA authorized, and the appointment as fund manager for the EMV Capital Evergreen EIS Fund. Additionally, the company announced the exercise of options and issue of shares, as well as developments within its subsidiary company Glycotest.
Overall, NetScientific's preliminary results demonstrate its continued growth and strategic advancements in the deep tech and life sciences VC investment sector.