Allied Minds losses increase but focus remains on future potential

25th Aug 2016 08:05

(ShareCast News) - Allied Minds, the university and government technology commercialisation specialist, reported an increased loss, smaller revenue and flat value of its investment assets over the first half of the year.However, the company remains more firmly focused on investing in its various assets at this stage, ploughing $31.8m into new and existing subsidiary businesses in the six months ended 30 June 2016, while three subsidiaries raised a further $99.2m."Significant capital was invested into new and existing subsidiary businesses during the reporting period, with an increasing proportion of this funding now being derived from third party investors," said chief executive Chris Silva."This is testimony that the commercial value of our most promising subsidiary companies is now being recognised within the sectors they operate, a trend which is also helping us build yet further partnerships with world class corporations."Although progress was reported from many of these numerous subsidiaries, the group was not felt to have made any significant change in its subsidiary ownership adjusted value over the half year from the $535.8m as at the end of December.Meanwhile the $1.3m revenue generated was down 13% drop compared to the same period last year, while net losses grew 30% to $52.2m, of which $41.2m was attributable to Allied Minds, itself increased 34%. With a balance sheet replete with net cash and investments of $162.6m at the period end and several subsidiary companies making "strong strides towards commercialisation", Silva is content with the company's situation. Alongside its portfolio of maturing subsidiary companies, the outlook statement highlighted a "favourable long-term macro environment, coupled with the group's access to capital and diversified intellectual property assets" that gives management confidence Allied Minds remains "well placed to achieve its objectives".