Published on: March 17, 2022
Strong full-year results
Tern, the AIM-listed specialist in the acquisition and development of
Internet of Things (IoT) technology businesses, has delivered a strong set of
full-year results. This marks a very successful year across all financial
performance metrics but also in terms of attracting additional third-party
investment and significantly de-risking the business, with Device Authority
now below 50% of the portfolio. Tern reported 35% growth in total net
assets to £32.4m (2020: £24.0m), with NAV per share increasing 26% to 9.2p
(2020: 7.3p). The main valuation driver was a £4.7m uplift in the value of
Tern’s investment in Wyld Networks to £8.7m, following the successful IPO.
This in essence represents an exit of Wyld Networks, with access to capital
in the future. Tern invested £2.5m across its network in the period, to
support two value-enhancing syndicated equity raises (plus another post
period). The £4m equity raise in July 2021 has significantly strengthened
Tern’s balance sheet, with £2.0m cash held at the year-end.