- UK intellectual property investor Tekcapital posted a fall in first-half profit as its revenue almost halved.

Net profit for the six months through May dropped 57% to $1.90m, down from $4.42m on-year. Revenue fell 46% to $2.86m.

The company's net assets rose 16% to $26.2, though its NAV per share fell 17% to $0.30.

'We are pleased to report a successful half-year performance for the group, which has noted record net assets for the period and the achievement of important development milestones for most of its portfolio companies,' chairman Clifford M. Gross said.

'We believe our approach of acquiring and commercialising university innovations is demonstrating good progress towards our goal of improving the quality of life for customers whilst delivering significant returns on invested capital.'

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