Information  X 
Enter a valid email address

Allied Minds revenues rise

By BFN News | 07:43 AM | Thursday 17 August, 2017

Allied Minds invested $22.4 million into its portfolio companies in the six months ended 30 June. Net cash and investments at 30 June totalled $177.0m (FY16: $226.1m), of which $113.3m was held at parent level. Other financial highlights: - Revenue: $2.0 million (HY16: $1.3m) - Loss for the period: $58.2 million (HY16: $52.2m), of which $44.6 million attributable to Allied Minds (HY16: $41.2m) - The directors estimate that as of 30 June the group subsidiary ownership adjusted value was $415.8 million ($416.2m as last reported) On 5 April Allied Minds announced a restructuring, ceasing operations at 7 subsidiaries: Biotectix; Cephalogics; CryoXtract; ProGDerm (dba Novare Pharmaceuticals); Optio Labs; RF Biocidics; and Soundcure / Tinnitus Treatment Solutions. The group said the the plan had been substantially completed with two of the companies (Biotectix and RF Biocidics) in final stages of the process. 4 President and chief executive Jill Smith said: "We have set out clear goals for the Group with the aim of sharpening capital allocation discipline, including: transitioning to thematic investing; securing earlier and broader syndication of investment partnerships for our portfolio companies where we see scope to validate and accelerate the path to commercialisation; and strengthening the governance and leadership of our portfolio companies. "Actions undertaken since April across our investment, syndication and operating activities have been consistent with these objectives. "We have also set out clear goals (MBOs) for our top six companies and ABLS, based on material and commercially relevant milestones, designed to bring about tangible progress towards commercialisation. "In the short period of time since April, these subsidiaries have progressed well against their respective MBOs, with further achievements expected for the balance of the year. "I look forward to building on these initial steps with the team as we continue to focus on our objective to drive shareholder value by realising liquidity events that deliver attractive returns for our investors and stakeholders, and accelerating the growth of our underlying business platform." Story provided by

a d v e r t i s e m e n t