Allied Minds : turns a loss in H1 amid share buy back programme
October 06, 2021 at 02:31 am EDT
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Allied Minds, an IP commercialisation company with a focus on early stage tech companies, has reported lacklustre interim results.
Net cash and investments dipped from $24.5m at the close of 2020 to $18.1m in the first six months of the year. Revenue almost doubled, rising from $110k in the first six months of 2020 to $219 in the same period this year, which helped the company to reduce comprehensive losses of $14.9m in H1 last year to $1.7m in 2021.
Harry Rein, Chariman of Allied Minds, said, “in the first half of this financial year, the business has continued to drive the strategic objectives of focusing on supporting the existing portfolio companies and maximising value within our portfolio of investments.
“A number of our portfolio companies have made significant progress in the first half, including successful funding rounds, development milestones, contract wins and partnerships with large industry players,” he continued.
In the first six months of the year, Allied Minds invested $44.9m in portfolio companies, of which $43.9 million was raised from third-party investment. Support for new companies has slowed significantly in the months since with just $4.0m invested in portfolio companies since July, of which $3.3 million was raised from third-party investment.
Investor returns were flat for the period and stood at a loss of 0.01 pence per share. Allied Minds has launched a share buy back programme which will see the company purchase $3m of group shares in order to redistribute capital to share holders.
Read more: Allied Minds boss steps down as it scraps bonus scheme after investor revolt
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Allied Minds plc (Allied Minds) is a United Kingdom-based intellectual property (IP) commercialization company. The Company focuses on early-stage company development within the technology sector. Allied Minds operates and funds a portfolio of companies to generate long-term value for its investors and stakeholders. Allied Minds supports its businesses with capital, central management and shared services. It manages various portfolio companies, such as BridgeComm, Inc., which is engaged in developing a network of optical ground stations designed to support complementary fixed and mobile terminals; Federated Wireless, Inc., which offers fixed and private wireless solutions; Orbital Sidekick, Inc., which provides global monitoring services; OcuTerra Therapeutics, Inc., which is a drug development company to treat ophthalmic diseases, and TableUp, Inc, which is a software provider that enables restaurants to offer dine-in, takeout, and delivery through an online ordering system.