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Angle

  • BY: Andrew Hore |
  • POSTED: 22/01/2010 |

Technology investment company Angle moved into profit in the six months to October 2009 thanks to the sale of its stake in Provexis.

Angle has recently been more used to writing down the value of investments so this is a welcome change. There was also a sharp decline in the cash invested in ventures and controlled investments.

The ending of a Qatar contract meant that revenues fell from £2.52m to £1.67m in the six months to October 2009. Excluding Qatar, there was a small improvement. A loss of £1.25m was turned into a profit of £632,000.

Angle raised £1.37m from the sale of its investment in Provexis. That has helped the cash balance more than double to £751,000 in the past six months. There are £288,000 of convertible loans to offset against this cash. The operational cash outflow in the first half was more than for the whole of last year. There was a sharp increase in working capital.

Angle hopes to conclude a corporate deal for 78%-owned foetal cell diagnostics company Parsortix in the year to April 2011. There should also be news about Novocellus’ IVF embryo viability technology, which it is developing with the help of Origio, in the next year or so.

At 22p a share, down 5p on the day, Angle is valued at £5.97m. The share price is still nearly double what it was one month ago.

Angle is still owed up to £4.7m of deferred consideration for Acolyte Biomedical - £1.5m is included in the balance sheet. Another former Acolyte shareholder is suing the purchaser and a court date has been set in October 2010. 

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