Tern swings to FY pre-tax profit as investment value soars

17th Feb 2017 11:37

(ShareCast News) - Shares in Tern are up more than 6% as it swung to an annual pre-tax profit in 2016 -- helped by a handsome uptick in the fair value of investments -- in what it described as a "pivotal" year.Pre-tax profit was £5.3m, from a loss of £185,121. Tern also recorded a £5.8m rise in the fair value of its investments, from 363,492. Net assets were £11.2m, from £1.7m.Chairman Al Sisto said the 12 months to 31 December, 2016, were pivotal for Tern.It had reached several key business milestones and undergone significant, positive change.It entered 2017 As a result, we enter the new year with a sharpened investment focus and a management team that has been realigned to play to its strengths."Going forwards, we see a great deal of growth potential in our flagship investment, Device Authority, as well as the wider Internet of Things ecosystem," said Sisto in a statement.He anticipated reporting progress on both fronts in the coming months.At 11:16 GMT, shares in AIM-quoted Tern were up 6.58% to 10.12p each.