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Tekcapital shares jump as record revenues achieved
University technology firm Tekcapital saw its shares soar on Friday after the company recorded record revenues and operating profits in its latest set of full-year financial results.
The AIM traded company scored total revenues of $7.3m for the year ended 30 November, with the company swinging to a pretax profit of $4.2m versus a $2.6m loss for the previous year.
Revenues from products and services benefitted from growth in the Latin American market for technology transfer services with a 25% jump on the prior year figure to reach $0.95m.
Overall, profits were assisted by an unrealised gain on the revaluation of portfolio companies totalling $6.1m, against zero in 2016.
Clifford Gross, executive chairman of Tekcapital, said: "As a result of the quickening pace of innovation, an increasing number of companies are making ever faster and more disruptive use of innovative ideas sourced exogenously. With patented university and corporate technologies becoming an increasingly valued currency, we continue to believe that the market opportunity for the group is both large and should continue to grow apace."
In the immediate future the company said it intends to continue to invest in growth and that the strategy is likely to result in further increases in returns on invested capital and growth of assets.
As of 1539 BST, Tekcapital's shares were up 13.23% at 17.55p.