Pires Investments (PIRI ), the investment company focused on next generation technology, results for the six month period to 30 June 2021 delivered a NAV of £7.1m versus £2.9m as at December 2020, resulting in a NAV per share increase of over 80% to 4.94p.
Net Profit was therefore £1.53m for the period.
Post period end, the Company successfully restructured its balance sheet and received the balance of the proceeds from the sale of Artomatix.
Nicholas Lee, Director of Pires, commented: "This has been another very busy and exciting period for the Company, with a significant level of investment activity and gains made across the portfolio. We strongly believe that our investment portfolio has the potential to deliver a high level of return, as demonstrated by the progress made to date.
Portfolio Highlights
Pires has direct investments in Sure Valley Ventures (“SVV”) to 20% and made a new direct £0.25m investment in PreCog and follow-on investment in Getvisibility as part of a €1.1m round during the period.
During the period, the Company also increased its investment in Low6, an influencer-led B2B gamification company for sports franchises around the world. Low6 recently raised an additional £6.5 million in July 2021 in an over-subscribed pre-IPO fund raising. Its user base continues to increase and it now has over 250,000 users. Low6 is also actively progressing its IPO.
New investment made by SVV during the period included Vertex, Precog, Smarttech247 with follow on investments in Warducks and Getvisibility.
Nick added; “Our investment in SVV is performing beyond the Board's expectation, with the majority of the portfolio companies attracting additional investment from other investors at significantly higher valuations compared to the level of original investment and thereby also ensuring that these companies are well funded going forward.”
View from Vox
Pires has made follow on investment and achieved successful exits proving tohe compete investment cycle can deliver financial results for investors.
The current portfolio contains some of the leading companies in their field right through the development cycle from start-up, scale up to even IPO and we remain particularly excited about some of the upcoming Newsflow on these companies.
Shares in Pires Investments have recovered strongly from lows of 6p in Auf=gust to trade at over 8.3p today with several portfolio iflextion points on the horizon including the pending IPO of Low6.
Reasons to PIRI
Pires Investments is an investment company providing investors with access to a portfolio of next generation technology businesses with significant growth potential.
The Company is focused on building an investment portfolio of high-tech businesses across areas such as Artificial Intelligence ("AI"), Internet of Things ("IoT"), Cyber Security, Machine Learning, Augmented Reality and Virtual Reality ("AR/VR") and Big Data.
The Board believes its portfolio demonstrates evidence of traction and the potential for exponential growth, due to increasing global demand for development in these sectors.
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