Vela Technologies portfolio expands in June quarter

22nd Jul 2022 12:42

(Sharecast News) - Early-stage technology investor Vela said in an update on Friday that its portfolio comprised a total of 13 active investments at the end of the June quarter, up from 12 at the end of March.

The AIM-traded firm said two of the investments were unquoted, 10 were quoted, and the final investment was the interest in future royalties from the Covid-19 remedy being developed by St George's Street Capital (SGSC).

It said the fair value of its investment portfolio was £5.97m on 30 June, up from £5.62m on 31 March.

The board said the change in the value of the investment portfolio reflected investments during the quarter of £0.3m, and a net increase in its fair value of £56,000.

Vela said it had had cash balances totalling £0.63m, down from £0.95m at the end of March.

"The board is pleased to report a moderate increase in the portfolio valuation for the quarter, despite a challenging macro backdrop," said executive director James Normand.

"Notwithstanding the uncertain economic outlook generally, including in the sectors represented by the company's portfolio, we remain positive about the prospects for the companies in which Vela is invested."

At 1153 BST, shares in Vela Technologies were up 4.35% at 0.03p.

Reporting by Josh White at Sharecast.com.