- Intellectual property investment group Tekcapital posted a 9.6% rise in annual profit, as its portfolio valuation jumped and it cut expenses.

Pre-tax profit for the year through November rose to $4.6m, as the value of the company's portfolio increased 88% to $13.7m.

Operating expenses fell 29% to US$1.7m, as revenue fell 5.9% to $6.8m.

The company's net asset value per share improved to $0.30, up from $0.25.

'I'm delighted to report that through the collective efforts of our dedicated and capable team we have achieved record net assets in 2018,' chairman Clifford Gross said.

'The continued development of our portfolio companies, Salarius, Lucyd, Guident and Belluscura coupled with improved service revenues has taken the company to a new level of financial performance, whilst we simultaneously reduced our operating expenses by 29%.'

At market close: [LON:TEK] Tekcapital share price was +1.43p at 7.25p

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