Tern PLC - investment company specialising in supporting early-stage internet of things technology businesses - Swings to pretax loss of £10.4 million in 2022 from a profit of £4.6 million in 2021. Total net assets amount to £24.9 million as at December 31, down from £32.4 million a year earlier. NAV per share decreases to 6.4 pence from 9.2p. Says the reduction in net assets is primarily due to ‘movements in investments held at fair value through the profit or loss and a reduction in the cash balance’. Books a negative movement in the fair value of investments of £8.4 million, compared to a profit of £6.2 million in 2021.

Chief Executive Officer Al Sisto says: ‘We believe that our portfolio remain well positioned for successful exits at the right time. While uncertainty may persist in the shorter term, we are heartened by the indicators we are seeing in the market that point to a return to improvements in valuations.’

Current stock price: 3.99 pence each, down 6.1% on Wednesday morning in London

12-month change: down 74%

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