Pires Investments PLC on Wednesday said it swung to a profit in 2021 and net asset value jumped.

Pretax profit in calendar 2021 stood at £1.5 million compared to a loss of £687,000 in the 14-month period ended December 31, 2020.

Gain on investments yielded £2.1 million, compared to a loss of £149,000 the period prior.

Net asset value soared to £7.2 million at the end of 2021 compared to £2.9 million a year before.

‘2021 has been extremely busy for Pires and this has continued into 2022,’ the London-based investor focused on the internet of things explained.

Looking forward, Pires sees ‘significant growth potential’ in its portfolio of next-generation technology businesses.

‘In summary, we believe that our investment strategy in the technology sector has already proven to have been successful. Going forward, the company is very well positioned to become a leading next generation technology investment company with an exciting portfolio of technology companies held either directly or indirectly through its interests in Sure Valley Ventures PLC that have the potential for significant growth and the ability to deliver real returns for shareholders,’ says Director Nicholas Lee.

The company holds 20% interest in London-based venture capital fund Sure Valley Ventures.

Pires Investments shares were 5.2% higher at 4.94 pence each in London on Wednesday.

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