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Published on: May 30, 2024

Significantly improved KPIs

Tern’s FY23 results highlight improving metrics that should attract additional strategic interest across the portfolio. All companies are gaining significant commercial traction, with configuration work turning to repeat licencing through SaaS models and growing high-profile customer bases. However, valuations across the global technology landscape remain depressed, which has flowed through to Device Authority and Wyld, as detailed overleaf. Therefore, despite the significant improvement in performance metrics, Tern has reported a £12.4m reduction in net assets. We reiterate that Tern’s funding-to-exit model requires patience, with all portfolio companies now firmly into their growth stage and leaders in their targeted markets. Management continues to drive value creation from its portfolio of high-growth businesses in sectors poised for substantial growth. We look forward to positive news flow over the coming months.

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