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TMT Investments PLC on Tuesday reported a lower net asset value as it reported a loss on investments. The venture capital investor in high-growth technology companies said net asset value as at June 30 was $6.32 per share, down from $6.41 at December 31 and from $6.68 a year ago. It reported a pretax loss of $3.1 million, narrowed from $73.0 million a year before. The company reported a loss on investments of $2.6 million for the first half of 2023, compared to $72.1 million a year ago. ‘2022 and 2023 saw a dramatic change in the venture capital and technology company environment, with most investors ’returning to basics’ by supporting ultimately profitable business models at sensible valuations. Start-ups have now realised that the ’growth at any cost’ approach has been replaced with a focus on ’fundamentally profitable growth at the right valuation’. As a result, start-ups’ success/survival rate is now largely defined by their ability to reposition and adjust to this changed market environment,’ the company said. Looking ahead, TMT said that while exercising caution, investors continue to invest in technology businesses despite ongoing market and political volatility. TMT Investments shares rose 1.8% to $2.90 each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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